Trade Recommendation 1-8th Feb

Timestamp (GMT)
1st Feb 15:35 £32.31g
Direction
Buy
Target Price / Range
£32.50g
Timeframe
1-8th Feb

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.

Technicals: Gold prices have run up sharply over the past week. Technical chart indicators suggest overbought conditions, which could make gold prices vulnerable to the downside. Prices have support at £32.13 per gram ($1,315/oz). Fundamentals for gold remain supportive for the near term, with ongoing uncertainty about various political issues. In the United States, there is little progress made with regard to finding funding for a Mexico-U.S. border wall. The uncertainty of finding a solution to this issue and the possibility of another shutdown or a declaration of national emergency by Donald Trump should be supportive of gold. Trade talks between the U.S. and China remain on track, but there still are various issues that require resolution and until there is a final agreement markets will remain on edge, which also should be positive for gold. Amid these and other political issues between the U.S. and Russia and Britain and the E.U. gold prices should be supported at current levels. Investors with long positions should hold their positions with a price target of £32.50 per gram ($1,330/oz) , fresh long positions can be built if prices slip to £32.13 per gram ($1,315/oz).