Banks are raising annual gold targets while funds are increasing their short position.

Gold is definitely attracting the eyes of traders – despite the dollar’s serious growth over the past 5 sessions, the precious metal continues to reach new absolute records, supported by geopolitical straightening and increased demand from central banks.

A growing number of major investment banks are revising their expectations for gold prices in 2024.
-HSBC strategists last week shared their expectations for a gold price range between the $2,400 and $1,950 levels for 2024.
-Goldman Sachs, on the other hand, said in a note to clients that gold is entering an “unshakable bull market” after raising its 2024 forecast to $2,700 – which is one of the highest targets for gold.
-Today, Citigroup raised its 2024 target to $2,350 an ounce, BUT the massive revision for 2025 is striking. The investment bank raised its 2025 gold price expectations by nearly 40% and set a target of $2,875 an ounce for next year.

The Weekly Chart shows the strong rise over the past month, fueled by geopolitical risk.
Gold is currently just below Citi’s one-year target. However, the technicals show potential for a BullRun correction.
-DeMarker Oscillator in record overbought territory
-Sequential with 9ka and 7ka prints from TD MegaP hinting at a fully executed Bullish impulse.

Major support and resistance levels:
Support 1. $2,300 ; Support 2. $2,239 Support 3. $2,200
Resist 1. $2,400 Resist 2. $2,430

The long-term trend is Long, with major players expecting support for gold over the next 12m, but the technique hints at a potential correction of the aggressive BullRun.

Precious metals funds also seem to expect near-term weakness in precious metals.
-In recent hours they have increased their short position in Gold and reduced their long position in Silver.
-Impressed that today they reversed their Net Long on Platinum to a Net Short.
-Funds are increasing their position in Palladium while decreasing their exposure in other precious metals.