Citi analysts bullish on GOLD, bearish on OIL in 2023 📊

Citibank analysts shared a forecast with the market in which they estimate that gold bullion prices could reach $1,900 per ounce in the second half of 2023 thanks to stronger bullion demand in an environment of ongoing economic recession. There is also a chance that the second half of 2023 will be more favorable for markets on the side of central bank actions, which could support bullish momentum in the precious metals market. At the same time, the bank lowered its forecast for oil prices. According to analysts, oil will ultimately reach $70 per barrel. Citi pointed to weakening global demand with OPEC+ and Russia supplying more crude than market expectations.

On Friday, we saw weakness on U.S. indices, partly due to options expiration on the 16th day of the 'three hags', the last month of the year. Gold ignored Friday's Wall Street declines and showed a bullish divergence with S&P 500 contracts. Today it resumes correlation with the indices and is still below the psychological border of $1,800 from where a downward impulse may be triggered.

Chart of GOLD and US500 (yellow chart). Source: xStation5

OIL price chart, D1 interval. Source: xStation5

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