XAU/USD: Gold to reach $2,000 next year during H1 – CitiBank

Matías Salord FXStreet

Analysts at Citibank explained that a second wave concern and escalating geopolitical risk supported the performance of gold. They continue to see XAU/USD reaching $2,000/oz next year.

Key Quotes:

“We upgrade our 3Q’20 gold price forecast to match our recently updated 0-3m point price target of $1,825/oz. This lifts our 2020E base case to $1,740/oz. The expectations of $2,000/oz being breached in 1H’21 is unchanged.”

“Gold/USD point to the inverted head-and-shoulder pattern completed on the daily chart that suggests a target above 1800 in the near term. A bullish set-up on the monthly chart with a close above 1765 would suggest further upside over time towards 1800 followed by the all-time high set in September 2011 at 1921.17”.

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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