Citi trims near-term gold target, sees consolidation at $3,000–$3,300/oz

Citi has lowered its 0–3 month gold price target to $3,150/oz, down from a previous forecast, citing expectations of consolidation following recent gains.

• Analysts at the bank now anticipate the metal will trade in a range of $3,000 to $3,300/oz in the near term

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Despite today’s fall, support for gold is continuing with ongoing macro uncertainty and central bank demand among the drivers.

This article was written by Eamonn Sheridan at www.forexlive.com.