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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.”