CPM Group’s Jeffrey Christian says gold keeps testing the $4,000 to $4,100 area and could slide toward $3,800 over the next couple of months. Short-term investor selling has pressured gold, silver and other precious metals, though longer-term holders continue to treat them as a hedge.
Gold keeps running into a ceiling. CPM Group’s Jeffrey Christian says the metal continues to test the $4,000 to $4,100 area, and he sees a move toward $3,800 as possible over the next couple of months. Christian ties the pressure to short-term investor selling across gold, silver and other precious metals.
That selling has come from holders cashing out of physical gold, silver coins, ETFs and other positions, according to Christian. Longer-term investors, by contrast, keep holding precious metals as a hedge against economic, political and financial risks.
Silver has run into its own resistance at the $60 level. Christian says CPM Group would not be surprised to see it move toward $55 or even $50 in the short term.
Christian also discusses China’s physical gold demand and India’s gold selling. He flags political risks involving Ukraine, Russia, NATO, Israel, Turkey and broader instability, which he says remain supportive for gold and silver over time.
Source: KITCO (snippet-based)
Trading involves risk.
Risk Disclaimer
