Gold Price News and Forecast: XAU/USD set to hit another record high of $2275/oz in 2021
|Gold Price Analysis: XAU/USD hovers near $1,900, daily chart shows bearish pattern
The path of least resistance for gold appears to be on the downside, as the yellow metal's daily chart shows a bearish pattern, and the US dollar is breaking higher from its multi-week trading range.
The metal closed Tuesday with a 0.66% loss at $1,899 per ounce, confirming a downside break of a descending triangle represented by trendline connecting Aug. 18 and Sept. 1 highs and Aug. 26 and Sept. 8 lows.
Gold: Set to hit another record high of $2275/oz in 2021
Analysts at Citigroup upped their 2021 gold price forecast, citing “we lift the 2021E base case gold price forecast by ~$300/oz, versus our early July update, to a record $2,275/oz.” Key quotes: “Maintain our 0-3m point-price target at $2,200/oz and a 6-12m target at $2,400/oz."
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