Major change in gold trading logic! Citigroup's rare "short to long" call: Non-farm "taper-style downgrade" triggers gold target price to $3500.
According to the Wise Finance APP, Citigroup, one of Wall Street's major banks, which has been bearish on gold during the period when gold prices hit record highs and continued to hover near historic highs, has shifted its stance to short-term bullish on gold after the announcement of what can be described as a "avalanche-like" extremely weak US non-farm payrolls report. In its latest research report released on Monday, the institution significantly raised its gold price forecast for the next three months from $3,300 per ounce to $3,500, and raised the expected trading range from the institution's long-standing forecast of $3,100-3,500 to $3,300-3,600, emphasizing that the core reason is the significant deterioration of the US economic growth outlook and inflation prospects in the near term.
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