CPM Gold Trade Recommendation
Time Stamp
Prices as of 10:00 a.m. EDT 21 November 2024 $2,668.40 (Basis the December 2024 Comex contract).
Recommendation: Buy/Hold
Initial Target Price / Range: $2,700
Initial Timeframe: 21 November 2024 to 5 December 2024
Stop Loss: $2,635
CPM Group’s previous buy recommendation target of $2,670 was achieved this morning, with prices touching an intraday high of $2,676.15 at the time of producing this report. CPM issued a recommendation for buying gold on 14 November when the price of the metal was at $2,576.80. With tensions between Russia and the West escalating over the Russia-Ukraine war, gold has the potential to continue rising. That said, caution should be exercised when adding fresh long positions at current levels, with gold prices having already risen around $100 since the start of this week in response to the escalation in tensions. Any efforts to deescalate tensions could create a swift reversal in prices.
CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.
While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at info@cpmgroup.com for details.
Notes:
Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM maintains the posture in the most recent Trade Recommendation. Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.
Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.
CPM’s preferred investment strategies use physical, futures, forwards, and options.