- Analytics
- News and Tools
- Market News
- Gold sees next leg higher towards $2000/oz – Citibank
Gold sees next leg higher towards $2000/oz – Citibank
FXStreet reports that analysts at Citibank offer key insights on why is gold’s next move higher, as the bulls look towards $2000/oz.
“Drivers of money flow into safe-haven assets and also support gold amid US-China tension escalation.
The concern of the second wave crisis drove money flow into safe-haven assets.
And also as primary drivers for Citi's bullish gold market thesis.
Gold holdings in ETFs surged to 3.055kt to an all-time high.
Low(er) for long(er) interest rates and global currency debasement.
We think prices are more likely to make a slow grind higher but generally hold a $1,600-1,700 handle, rather than quickly spike to the $1,850-1,950 area.
Global growth and EM recovery in 2021 could be what supports the next leg higher towards $2,000/oz
Good resistance is met around $1,800, with support at $1,682-1720.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
