CPM Trade Signal - June 6, 2023
Time StampInitial Target Price / Range: $1,950Gold prices recovered following an intraday low of $1,949.60 touched at the end of May. Prices rallied to reach an intraday high of $2,000.70 the following trading day, 1 June. Mixed economic data and sharply changing sentiment toward financial markets and economic conditions are influencing gold prices movements. In addition, increased movement in the U.S. dollar also is pushing and pulling at gold prices.
Gold has entered a seasonally weak period for demand and it may not be much longer that gold prices hold up at current levels. It would not be surprising to see prices test $1,950 or possibly lower levels in the weeks ahead. Federal Reserve officials have stated that the Fed may leave interest rates unchanged at their next meeting in mid-June, but still relatively high inflation and recent better than expected employment figures for the U.S.
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.
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 Group wants to thank the following companies for helping us make these short Trade Signals available free of charge, and for their commitment to providing good information in opaque and asymmetrical commodities markets. CPM Group Contributing to kitco.com
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