CPM Trade Signal - May 12, 2023
CPM Gold Trade RecommendationSince CPM issued a Sell Recommendation on 5 May gold prices have moved between $2,005.70 and $2,061.30, a $55.60 band. Gold price volatility appears to have picked up as the market tries to digest all of the mixed financial, economic, and political data and signals. Prices should be expected to swing in either direction until the U.S. debt ceiling fiasco is resolved.
There also is scope for prices to move sharply lower. Inversely to a deterioration of U.S. debt ceiling talks, there could be a resolution to these issues. Democrats and some Republicans are aware that prolonging the impasse already is harming the stature and reputation of the U.S. government’s creditworthiness. A resolution could see gold profit taking. There are other actions that could quickly deflate gold prices.
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.
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