Trade Recommendation 6th July

CPM Group

Commodities Research

Timestamp (GMT)
6th Jul 14:34 £46.18g
Direction
Sell
Target Price / Range
£45.71g
Timeframe
6 - 13 Jul

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 have been in an uptrend in recent days, testing $1,800/ £46.23 now. Prices seem likely to continue to test $1,800/ £46.23, but also easily can retreat back to $1,780/ £45.71 over the next several days. Profit-taking will likely set in if prices cannot forcefully top $1,800/ £46.23. Beyond the next few days, gold and silver fundamentals, market conditions, economic and political factors, and upward technical price chart patterns remain supportive for gold. Prices are expected to head higher overall, starting in July and continuing over the next four months as the U.S. election nears. As prices head higher there are fewer gold chart indicators to take cues from since gold has not traded at these levels for a sustained time in the past. This could make for a volatile next several months. Many market participants are rolling their August futures positions into December, waiting to see what the next several months will hold for markets.

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

USD/GBP exchange rate used: 0.80

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Important Disclaimer
Past performance is no indication or guarantee of anticipated future profits and neither Goldex nor CPM can accept any liability or responsibility for any loss suffered as a result of gold price fluctuations. Gold as a commodity is not a specified investment for the purpose of giving advice under the Financial Services and Markets Act 2000. Therefore this trade recommendation does not give rise to rights to claim compensation under the Financial Services Compensation Scheme. CPM is a registered CTA with the U.S. NFA and CFTC. At times the principals and associates of CPM may have positions in the precious metals, commodity and equities markets. CPM also manages investment and industrial positions in markets for its clients.