CPM Gold Trade Recommendation
Time Stamp
Prices as of 9:30 a.m. EST 22 November 2024 $2,689.80 (Basis the December 2024 Comex contract).
Recommendation: Buy/Hold
Initial Target Price / Range: $2,730
Initial Timeframe: 22 November 2024 to 5 December 2024
Stop Loss: $2,650
Gold prices are rising sharply.
• Political and military developments related to the Russian Ukraine war, developments in the Baltic and Middle East, and U.S. presidential transition are leading investors to buy gold.
• So, too, are economic concerns about weaker growth in many countries from the United States and Europe to China and India, coupled with concerns of a sooner, deeper recession in the industrialized economies.
• Finally, the roll of the December Comex gold futures contract next week, complicated by the U.S. Thanksgiving holiday is adding some short-term pressure on gold that may extend into next week.
CPM Group’s previous two Buy recommendations were pierced yesterday and again today, with gold touching $2,712.40 this morning.
Prices are expected to remain strong into next week, but could see profit-taking in the first week of December. Whether prices come off some in early December will depend heavily on political developments and financial market opinions about economic prospects.
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.
