CPM Calls for Gold Sell as Downside Potential Looms Ahead of Jackson Hole

The CPM Trade Signal for August 4, 2026 recommends selling gold. The target price is $3,950, and the timeframe for this recommendation is from August 5 to August 27, 2026. The stop-loss price is set at $4,220.

Gold has been consolidating between $3,990 and $4,160 over the past few weeks, despite factors supporting its price rise such as ongoing international political issues and the August Comex futured contract roll. However, CPM notes that there appears to be more downside potential for gold in the next three weeks than upward pressure.

The market is expected to be volatile ahead of the Kansas City Fed's Jackson Hole conference from August 27-29, where comments on monetary policy may significantly impact gold prices. The Bank of Japan and U.S. Treasury have also been intervening to support the Japanese yen, which could further influence gold markets.