Gold completes this week in the negative zone, having formed a bull trap in the middle of it at $1535. As a result, quotes returned to the level of $1490 per ounce. This is where the asset was being bought in mid-September and almost all August, so there is every chance that the support zone of $1485-1495 will resist again. Nevertheless, if the price drops below $1480 the downtrend will continue to $1460, and the whole correction will end only in the $1400-1450 area.
According to Citigroup Inc forecast, gold quotes can go up to $2000 per troy ounce in 2 years. Citigroup analysts believe that the relationship between the gold price and S&P 500 is at a critical level, which could lead to the start of another price rally in the gold market (up to 25% growth). However, this will happen on condition of the increased risk of global recession, aggravation of geopolitical conflicts, and reduction in US Federal Reserve rates to zero. The market has already included the 50% probability of a rate cut by Fed in October in the current precious metal prices.