Gold: Above $1,938 outlook would look constructive – CitiBank

Analysts at Citibank, continue to be bullish on gold in the short-term (tactically) and over the medium-term (structurally). They forecast XAU/USD at $2,200 in three months and they have a target of $2,400 in six to twelve months. 

Key Quotes:

“Gold is having yet to recover either of its 2 break down points (horizontal support at $1,900-$1,907 and the downward sloping trend line and 55d MA resistance at $1,937-$1,938). Above these, Gold would look constructive. Supports may find at 1837 and 1862, with resistance at 1993 and 2075.”

“We are bullish gold tactically in the short-term and structurally over the medium-term. We maintain our 0-3m point-price target at $2,200/oz and a 6-12m target at $2,400/oz. We lift the 2021E base case gold price forecast by ~$300/oz, versus our early July update, to a record $2,275/oz.”