Citigroup lowered its short-term target price for gold to $3,800, and believes that the important support level is $3,600.

According to the Zhuifeng Trading Desk, Citigroup released a research report on October 27th, lowering its gold price target for the next 0-3 months from $4,000 to $3,800, citing key technical support at the 100-day moving average of approximately $3,600. The report attributes the downward trend in gold prices to easing geopolitical risk expectations and potential selling pressure from substantial unrealized gains. Furthermore, expectations of an end to the US government shutdown have exacerbated the shift in gold's price momentum. Despite its short-term bearish outlook, Citigroup emphasizes the robust value of gold as a long-term strategic hedge, noting that the Federal Reserve's policy direction and the performance of the US economy will be key variables in gold's rebound.