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 surged in recent days, following increased tensions on trade between the US and China, Brexit, and a contraction in manufacturing activity in the US. Prices are likely to move sideways and consolidate around current levels, waiting for the next market moving event. There are several August macroeconomic releases scheduled over the next week and half, which could provide the required impetus to move prices out of this range. CPM Group is of the opinion that prices are more likely to break to the upside of this range in the short term. The gold market enters a seasonally strong period as we start September, which should provide downside support to prices for the remainder of the year.
Note: Discretion should be allowed at +/- $0.50 / £0.01 from the target.