Trade Recommendation 8th January

Timestamp (GMT)
8th Jan 2021 14:57 £44.18g
Direction
Buy
Target Price / Range
£46.66g
Timeframe
8th - 20th Jan 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 started this year on a strong footing, rising to an intraday high of $1,962.50/oz (£46.62/g) on Wednesday 6 January, just two days ago. Since then prices have come off around $100/oz (£2.38/g). Prices have declined as the dollar has strengthened, interest rates have risen, and gold prices tested and broke below support levels.

With much economic, financial, and political turmoil still ongoing, it would not be surprising to see gold prices rise $100/oz (£2.38/g) next week or before the end of this month. Those participants who bought puts, recommend in the previous trade recommendation may want to sell those puts now for a profit. A rally in prices could take gold to test $1,900/oz (£45.14/g) initially, followed by $1,920/oz (£45.61/g), $1,960/oz (£46.56/g), and possibly $2,000/oz (£47.51/g) before month’s end.

Note: 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.

US$/GBP exchange rate used: 0.74