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CPM Trade Signal - January 3, 2023

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Timestamp

Price as of 10:43 a.m. EST on January 3, 2023 $1,836.70 (Base of Comex contract February 2023).

Recommendation: buy

Initial Target Price / Range: $1,865

Initial calendar: January 3, 2023 to January 13, 2023

The price of gold has risen overall since early November as the US dollar retreated. Over the past couple of weeks, prices have attempted to move above $1,850, but it was only today that prices broke above that level, hitting $1,856.60 on an intraday basis before declining.

Not much has changed economically, politically or financially at the start of the new year. Inflation continues to slow more slowly while remaining at elevated levels as central banks continue to raise interest rates as the economic backdrop gradually slows after showing unexpected strength in the second half of 2022.

Technically, gold prices are pointing higher. That said, it wouldn’t be surprising if there were some profit taking and pullbacks. Support levels should now be higher, as well as resistance levels. In addition to technical support, there is also seasonal support for gold prices, which tends to do well in the first quarter of the year.

CPM has one-month, three-month ranges and eight-quarter quarterly price projections with further discussion of the factors underlying CPM analytics provided in CPM’s monthly subscription service, the Advice on precious metals.

While short-term trade recommendations offer high-risk, high-reward opportunities for investors, it is difficult to grasp the complex web of factors affecting precious metals prices and the nuanced CPM analyzes of these factors that go into the our company’s price projections. In addition to this short-term outlook, CPM Group provides clients with enhanced trading recommendations that include one- and three-month price projections, as part of our retail investor program. Contact CPM at info@cpmgroup.com for details.

Remarks:

Initial target prices and timeframes are just that: initial. If CPM does not issue a new recommendation during or after this period, this indicates that CPM is holding the position in the most recent trade recommendation.

The position may be closed once the target price is reached, at the noted discretion or until the CPM provides a new trade recommendation. The CPM may have reported closing a prior trade recommendation at its discretion before publicly posting a new trade recommendation due to processing time.

Discretion should be allowed +/- 0.20% of the price at the time each TR is issued from target.

CPM’s preferred investment strategies use physical contracts, forwards, futures and options.


Disclaimer – Past performance is not an indication or guarantee of expected future profits, and neither Kitco Metals Inc. nor CPM Group can accept any responsibility or liability for any loss suffered due to fluctuations in the price of gold. Gold as a commodity is not a specified investment for the purpose of giving advice under the Financial Services and Markets Act 2000. Therefore, this trade recommendation does not qualify for compensation under the Financial Services Compensation Scheme. CPM Group is a CTA registered with the US NFA and CFTC. From time to time, CPM Group directors and associates may hold positions in the precious metals, commodities and equity markets. CPM Group also manages investment and industrial positions on the markets for its clients.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

techsm5

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