August 23, 2024 at 03:41AM
I posted earlier on the note on the UBS oil forecast:
UBS is expecting Brent crude oil to recover into $85 – 90 range
Citi is looking for the same direction:
Citi says upside risk for oil, Brent possible bounce above $80
UBS analysts now on gold:
target US$2,600/oz by the end of 2024
target US$2,700/ oz by the middle of 2025
Citing:
central bank net buying remaining elevated in 2024 and 2025, but at a more moderate pace than in the first half of 2024
small
amount of selling by Singapore and China
China announced though that’s its gold reserves sat unchanged for a third consecutivemonth
jewellery demand has also moderated, UBS see seasonal tailwinds rising from Q4 2024
This article was written by Eamonn Sheridan at www.forexlive.com.