These trade recommendations are brought to you by CPM Group.
Gold prices continue to be driven by shorter term investor activity based on technical buying and selling. As gold prices broke below support levels over the past few days there was increased technical selling. Prices are now in a downward trend and could fall to test $1,450/ £38.23. A break below this level could quickly push gold prices to fall toward $1,420/ £37.44. There remain economic and political issues that could quickly turn gold’s direction, but this may not occur until the middle of October when gold prices settle into a firm range. Fundamentally not much has changed, with elevated political risk affecting investors’ attitudes and gold prices.
Note: Discretion should be allowed at +/- $0.50 / £0.01 from the target.
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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.