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: Take profits! Gold prices have risen around £0.63 per gram ($25 /oz) from where CPM recommended to buy £30.72 per gram ($1,219 /oz), just two trading days ago. The rise was in line with equities and other assets rising on news of some sort of U.S. China agreement on trade. The agreement is tenuous and the euphoria should be expected to fade in a couple of days. Gold may slump back and provide a lower level to repurchase. Gold would have to hold above £30.97 per gram ($1,235 /oz) for it to continue to trade around current levels and move higher. Prices are expected to continue to be volatile this week and resistance levels could be test too followed by profit taking. These could be opportunities for day traders. CPM will look to issue a firmer recommendation later this week assuming a sell off.