--- title: "Citi: Gold prices have shown a \"peak pullback\" trend, with the first important support level at $3,900 to $3,904 per ounce" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/262175822.md" description: "Citi released a research report indicating that gold prices have experienced a \"peak pullback\" trend, with the first important support level at USD 3,900 to USD 3,904 per ounce. If gold finds support between this support level and USD 3,500 per ounce, a consolidation period is expected. The analysis mentioned that if these support levels are broken, prices may further decline to the USD 3,645 and USD 3,500 per ounce range. Historical data shows that gold typically undergoes significant corrections after experiencing substantial increases" datetime: "2025-10-22T07:15:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/262175822.md) - [en](https://longbridge.com/en/news/262175822.md) - [zh-HK](https://longbridge.com/zh-HK/news/262175822.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/262175822.md) | [English](https://longbridge.com/en/news/262175822.md) # Citi: Gold prices have shown a "peak pullback" trend, with the first important support level at $3,900 to $3,904 per ounce According to the Zhitong Finance APP, Credit Lyonnais released a research report stating that if we measure from the breakout point of gold's triangular consolidation pattern from April to September (starting from the low point at the end of July) and apply Fibonacci Retracement expectations, a price of $3,900 to $3,904 per ounce will represent the first significant support level (38% retracement level). If a 50% retracement occurs, it will drop to $3,760 per ounce, which interestingly coincides with the 50-day moving average. These two levels should provide reasonable support for price stabilization. If these retracement levels are broken (though the likelihood is low), price action may further decline to the 61% Fibonacci retracement level, which is $3,645 per ounce, followed by the upper boundary of the triangular pattern from April to September in the $3,500 per ounce region. If we refer to the examples of the "peak" highs in April 2006, April 2025, and July 2020, when gold traded at premiums of 36.8%, 26.28%, and 25.72% relative to its 200-day moving average, we can also understand the magnitude of the subsequent pullbacks that occurred after accelerated rises. In 2006, gold found support at its 200-day moving average only after falling more than 24%. From this support level, gold formed a consolidation pattern for several months before breaking out in early 2007. The "peak" high in July 2020 occurred after a more than 24% accelerated rise from the June 2020 low, leading to a decline of over 19% for several months, followed by a consolidation pattern that lasted more than three years, running between $1,600 to $1,670 per ounce and $2,050 to $2,070 per ounce. Starting from the peak of $3,500 per ounce in April 2025, gold retraced more than 8%, then stabilized at the support provided by the 50-day moving average in mid-May. Subsequently, price action consolidated within a range for more than four months before breaking out of that range to restore an upward trend. In summary, Credit Lyonnais believes that once gold finds support at a certain level between $3,900 to $3,904 per ounce and $3,500 per ounce (a retracement of 11% to 20% from the October high), a consolidation period should follow (which will take time). Once the consolidation pattern is established, it will present an opportunity to build or increase positions for a long-term bull market in gold ### 相關股票 - [FL2CSOPGOLD (07299.HK)](https://longbridge.com/zh-HK/quote/07299.HK.md) - [SPDR Gold Shares (GLD.US)](https://longbridge.com/zh-HK/quote/GLD.US.md) ## 相關資訊與研究 - [Gold Hunter shifts from quiet buildup to fully funded drilling push at Newfoundland gold district](https://longbridge.com/zh-HK/news/281261616.md) - [GDX vs. SLV: Which Metals ETF Should You Buy?](https://longbridge.com/zh-HK/news/281561782.md) - [Fed's Musalem says inflation will go up on commodity price shock](https://longbridge.com/zh-HK/news/281379101.md) - [LIVE MARKETS-Does a Good Friday jobs report = a rocky ride on Monday?](https://longbridge.com/zh-HK/news/281558023.md) - [$1000 Invested In Kinross Gold 5 Years Ago Would Be Worth This Much Today](https://longbridge.com/zh-HK/news/281576329.md)