Gold Price Analysis: XAU/USD bulls look for entry beyond $1,775
Gold inches closer to the quarter-end while taking rounds to $1,772 at the start of Tuesday’s Asian session. In doing so, the bullion keeps the immediate trading range above $1,765 and be near the highest since October 2012, flashed last Wednesday. However, a short-term falling trend line restricts the precious metal’s immediate upside amid sluggish MACD conditions.
As a result, the safe-haven buyers might wait for a clear break above $1,775 for fresh entries. In doing so, the recent high of $1,779.41 will be their immediate target whereas October 2012 top surrounding $1,796 could become the landmark afterward.
Citi raises gold price forecast
Another US investment bank has jumped on the bandwagon of observers making bullish price forecasts on gold, a safe haven and an inflation hedge.
Citi analysts have raised their three-month price forecast to $1,825 per ounce, having predicted an average price of $1,715 for the second half of 2020 at the end of May. The bank has maintained its long-standing bullish bais, whereby prices are seen rising to a new record high of $2,000 in 2021. As of now, gold's record price is $1,920 reached in September 2011.
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