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.”
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
