Gold: Three month price target remains at $2,200/oz – CitiBank


Analysts at Citibank continue to hold a bullish view on XAU/USD. They see the price of the yellow metal rising to $2,200 in a three-month horizon and to $2,400 in six to twelve months. 

Key Quotes:

“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.”

“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 but for now technicals point to some short term downside risk.”
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1900, a 100 pips run in the cards

EUR/USD managed to post a modest intraday advance on a dull Monday, retaining its positive stance.

EUR/USD News

GBP/USD trades around 1.3750 amid UK reopening

GBP/USD is trading around 1.3750, benefiting from dollar weakness and as the UK is reopening. Non-essential shops and other businesses are back Britain's vaccination campaign proves successful in keeping covid cases down. 

GBP/USD News

XAU/USD is testing a critical daily support

Gold is testing a critical area of support and the bears remain in control at this juncture. However, there is a probable cause for the upside on failures at a more solid area of demand and the following analysis illustrates just that.

Gold News

ETH awaits imminent jump to $2,400 if key level cracks

Ethereum price hit a new all-time high at $2,203 on April 12 but seems to have formed a robust resistance trendline. However, most on-chain metrics show that ETH is bound for a significant leg up.

Read more

Equity rally at risk ahead of CPI & earnings

After a good week, equities are looking a little more hesitant today, with caution prevailing as markets await the start of US earnings season.

Read more

Forex MAJORS

Cryptocurrencies

Signatures