CPM Trade Signal - April 12, 2023
Time Stamp Initial Target Price / Range: $1,990 - $2,050Gold prices have been firmly trading above $2,000 since late last week. Concerns remain about the state of the banking system, but headlines may have to persist to help keep gold prices supported at current levels. Gold prices have reached as high as $2,049.20 followed by some profit-taking. Price volatility picked up today as U.S. inflation data was released, briefly pushing gold to test $2,043.90 before retreating.
It is likely that prices will fall back below $2,000 beyond this month, but in the interim there is scope for prices to move $30 in either direction from present levels. It may take an appreciating U.S. dollar to weigh on gold prices or exogenous factors to provide some direction to price. Technical support and resistance levels that are breached also will influence prices.
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.
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