Trade Recommendation 29th June

Timestamp (GMT)
29th Jun 2021 13:50 £40.61
Direction
Hold
Target Price / Range
£40.45-£41.60g
Timeframe
29th Jun - 9th Jul 2021

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 prices fell below support of $1,770 / £40.91 today. While there is scope for prices to fall further should support levels falter, there is not much that has changed or evolved in the past day in the gold market. The lack of significant fundamental and major economic news could keep gold prices range bound. Prices remain supported by what has been happening economical and financial over the years, but seem to be capped for now as the Summer months in the Northern Hemisphere tend to be a relatively weak period of fabrication demand and investor interest.   

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 is maintain the posture in the most recent Trade Recommendation. Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target. Recommendations are valid until the target date or a new Trade Recommendation or message is issued by CPM. CPM’s preferred investment strategies use physical, futures, forwards, and options.

US$/GBP exchange rate used: 0.72