CPM Trade Signal - March 2 2023
Time Stamp Initial Target Price / Range: $1,815Gold reversed course over that last couple of days after having bottomed out at $1,810.80 on 28 February. Prices reached $1,852.50 yesterday. Part of the increase in prices from the recent lows was due to some short covering, a slight reversal in the U.S. dollar from an appreciating trend, and slightly weaker economic data for the U.S. than anticipated.
The past few weeks continue to suggest better than expected economic conditions and still unacceptably high inflation for the near term for the United States. This suggests continued monetary tightening and an appreciating U.S. dollar, all of which would be expected to weigh on gold prices over the next few months. Technical support levels appear increasingly vulnerable until between $1,800 to $1,810. Prices could easily fall toward these levels in the week ahead.
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.
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