CPM Gold Trade Recommendation
Time Stamp
Prices as of 11:35 a.m. EDT 21 October 2024 $2,737.85 (Basis the December 2024 Comex contract
Recommendation: Buy
Initial Target Price / Range: $2,800
Initial Timeframe: 21 October 2024 to 8 November 2024
Stop Loss: $2,680
Gold prices broke above $2,750 this morning. Elevated U.S. and international political risks have been driving gold prices higher in recent days. The U.S. dollar and gold’s simultaneous ascent at this time is a telltale sign of such safe haven demand. The upcoming U.S. election and heightening risks in the ongoing conflicts in the Middle East and Russia-Ukraine should prevent any strong pull back in gold prices. That said, gold prices are beginning to get a bit overbought at this time, which could cause small pullbacks, which may be used as buying opportunities.
CPM expects gold prices to remain strong in the face of these ongoing developments.
NOTE: With this issue CPM is adding Stoploss levels to its Trade Recommendations. CPM has tracked the hypothetical returns of its Gold Trade Recommendations since 2018 with and without Stoploss levels added to them. The use of stoploss levels significantly improves the hypothetical returns.
CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.
While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at info@cpmgroup.com for details.
Notes:
Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM maintains the posture in the most recent Trade Recommendation. Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.
Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.
CPM’s preferred investment strategies use physical, futures, forwards, and options.