Citi has raised its 3-month gold price target to $3,500-$3,600/oz, up from it previous guidance of $3,300.
The upgrade follows a deteriorating US economic outlook, weakening labor market trends, and growing concerns over Fed and data independence.
Gold is currently testing a critical resistance zone near $3,380, a level that has previously shown signs of price rejection. Although $3,365 arguably might have been the tougher resistance… which is now broken.
The presence of higher lows from previous months could suggest continued strength, potentially supporting the expectation of Citi for gold to trade in the $3,500–$3,600 range.
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