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

PANews reported on October 28th that 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, noting that key technical support lies at the 100-day moving average of approximately $3,600. The report attributed the downward trend in gold prices to easing geopolitical risk expectations and potential selling pressure from significant unrealized gains.

Furthermore, expectations of a possible end to the US government shutdown have also intensified the shift in gold's price momentum. Despite a short-term bearish outlook, Citigroup emphasized the solid 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.