Trade Recommendation 1st June

Timestamp (GMT)
1st Jun 15:00 £44.91g
Direction
Sell
Target Price / Range
£44.24g
Timeframe
2 - 5 Jun

These trade recommendations are brought to you by CPM Group.

Due to market conditions, the views and positions of trade recommendations can quickly change. We strongly advise you to monitor our published trade recommendations on an ongoing basis.

Gold touched $1,761 / £45.29 early on 1 June, shy of CPM’s previous target of $1,765 / £45.40. Prices may fall. An initial target of $1,720 / £44.24 is posted here, with further downside potential to $1,700 / £43.72 and even lower possible over the next few weeks and months. There still are 4.7 million ounces of open interest in the Comex June contract, but most of the roll into August contracts (34.0 million ounces) is behind the gold market, removing short-term pressure. More significant, overall financial markets are looking vulnerable to sharp short-term declines at present, including U.S. equities, petroleum, and the precious metals complex.

Note: Discretion should be allowed at +/- $0.50 from the target.