Citi upgrades 0 to 3-month-old forecast for gold to $2800 versus $2700

Citi has upgraded its:

• 0 to 3 month forecast for gold to $2800 from $2700.
• Sets 6-12 month target to $3000 an ounce.
• Increases 6– 12 month target for silver from $38 an ounce to $40 an ounce

Gold is currently trading near unchanged at $2720.60

Looking at the daily chart below, the price of gold is channeling with a top-side target currently at $2752 and moving higher.

Silver is currently trading at the highest level since November 2012.

This article was written by Greg Michalowski at www.forexlive.com.