More on that $2,000 gold forecast

I posted last week on Citi forecasts for gold:

• short term resistance but see $2,000 / oz

Further to that post, Citi note drivers of money flow into safe haven assets and also support gold:

• US-China tension escalation
• concern of 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
• 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.

• a 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.