CPM Trade Signal - May 5, 2023
Time StampInitial Target Price / Range: $1,980Gold prices reached a record Comex intraday high $2,085.40 yesterday, 4 May, topping the previous record of $2,078.80 set last year in March. Gold settled at $2,055.70 that day, down $29.70 from the morning’s high. Today prices are off sharply, having bottomed out at $2,007 at the time this Trade Recommendation was being written.
In addition, there could be more developments that could push gold and silver higher or lower in the next couple of weeks, notably the Russian war in Ukraine. Things could develop quickly against Russia, within Russia and in the warzone, which could be seen as a reduction in international tensions. There has been commentary about the Wagner group pulling out of Bakmut. There also seems to be increased dissent within the hierarchy of Russia’s government, military, and oligarchic society.
Beyond the short term, prices are still expected to head lower between now and September. Recession does not appear imminent and inflation continues to head lower. Seasonality also could weigh on gold prices after May and once the U.S. debt ceiling is raised, eventually resolved by bickering politicians. Longer term, CPM still expects gold prices to rise significantly, possibly starting in late 2023 or early 2024.
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.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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