Citi Research maintains a bearish near-term view on gold as it breaks below its 200-day moving average, downgrading its 0-3 month price target to $4,000/oz. The firm advises that dip-buying remains high-risk until there is clarity on the Strait of Hormuz situation.
Key Takeaways
- 1.Gold prices are facing near-term bearish pressure after closing below the 200-day moving average.
- 2.The firm downgraded its 0-3 month point-price target for gold to $4,000/oz from $4,300/oz.
- 3.Headwinds from the Strait of Hormuz impasse and expectations of higher interest rates are driving current gold market weakness.
Table of Contents
- Citi's Take
- Appendix A-1
- Analyst Certification
- Important Disclosures
- Research Analyst Affiliations / Non-US Research Analyst Disclosures
- Other Disclosures
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Authors
Kenny HuMaximilian J LaytonViswanathrao KintaliWenyu YaoTom MulqueenShreyas MadabushiEphrem RaviJack ShangAlexander Hacking
Themes
Geopolitical risk (Strait of Hormuz)Technical Analysis (200dMA breakout)Central Bank Policy (Fed)
Regions
Asia PacificUnited StatesIndiaTurkey