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

Matías Salord FXStreet

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.”

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.

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