(Kitco Commentary) - CPM Gold Trade Recommendation
Time Stamp
Prices as of 9:45 a.m. EST 5 November 2026 $4,105.30 (Basis the December 2026 Comex contract).
Recommendation: Buy
Initial Target Price / Range: $4,275
Initial Timeframe: 5 November 2026 to 20 November 2026
Stop Loss: $3,970
Gold prices have made higher highs and higher lows since 3 November. Prices are up a couple of hundred dollars from the intraday low of $3,879.30 touched four trading days ago, last Friday, 30 October. On a technical basis it is increasingly appearing that gold prices are shifting into an upward trend.
The two short-term downward trends since the end of August and since the end of January may be forming a base, with a plethora of macroeconomic, financial, and political issues supporting a revival of investor demand that could push gold prices higher once more.
The Fed left rates unchanged at its recent meeting, the U.S. mid-term elections were mostly won by the Democrats, taking over the majority in the Senate and House, as expected, although by a wider margin. This should be interpreted more as a repudiation of the Trump Administration and Republican actions, with voter polling suggesting that corruption surged as an issue in the last three months, rather than as a vote of support for proposed Democrat policies.
Meanwhile, the conflict between the U.S. and Iran continues, inflation remains high and problematic, and the Trump Administration remains in office as the executive branch. The political and economic concerns continue. The newly elected officials will not take office until 3 January.
The longer that gold prices hold and edge higher the more potential there could be for a spike 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.
