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On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"Market news: Israeli Prime Minister Netanyahu has ordered increased military presence in the West Bank, including a blockade, arrests, and the demolition of the residences of those who carried out the attacks.On September 20th, it was reported that from September 15th to 17th, Sun Meijun, Director-General of the General Administration of Customs, led a delegation to Uzbekistan. She exchanged in-depth views with Mavronov, Chairman of the Customs Committee of Uzbekistan, on implementing the consensus reached by the two heads of state, promoting the implementation of customs cooperation agreements, and facilitating trade security, reaching an action plan. She also held talks with Urunov, Chairman of the Food Safety Committee, on cooperation in the quarantine of exported animal and plant products and food safety, and signed cooperation documents. During her visit, Sun Meijun also exchanged views with officials from the Chinese Embassy in Uzbekistan; met with representatives of Chinese-funded enterprises in Uzbekistan to understand the business environment at Uzbek border crossings; and exchanged views with representatives of Uzbek customs trainees who had received training in China, soliciting their suggestions on the training program.September 20th - According to BHP Billitons official WeChat account, the 15th China International Steel Conference, hosted by the China Iron and Steel Association and the Metallurgical Industry Branch of the China Council for the Promotion of International Trade, was held in Shanghai from September 19th to 20th. In his keynote speech, BHP Billiton CEO Brandon Craig pointed out that Chinas continued investment in advanced manufacturing, renewable energy, and the digital economy will create new growth momentum and resource demand. Steel will remain a crucial pillar of economic development and industrial competitiveness, while the importance of copper will continue to rise. Craig stated that in the iron ore sector, BHP Billiton expects to invest over US$10 billion in its iron ore business over the next five years to maintain and enhance production capacity, develop high-quality ore bodies, and upgrade port and railway infrastructure; it will also fully support Western Australias iron ore production target of 305 million tons per year by fiscal year 2028. Regarding copper, BHP Billiton plans to continue expanding its copper production capacity over the next decade to support global electrification, energy transition, and digital infrastructure development.

June Gold Buyers May Face Difficulties at $1987.60

Larissa Barlow

Apr 14, 2022 10:14

The market's strength is being fueled by demand for a hedge against rising inflation during the Russia-Ukraine conflict, lessening pressure from expectations of an aggressive US interest rate hike, and the US Dollar's intraday reversal top.

 

June Comex gold futures are currently trading at $1982.70, up $6.60 or 0.33 percent from their previous close. The SPDR Gold Shares ETF (GLD) is currently trading at $184.66, up $0.89 or 0.48 percent from its previous close.

 

Gold is regarded as an inflation hedge and a hedge against geopolitical concerns. However, higher interest rates in the United States would increase the opportunity cost of storing non-yielding bullion and strengthen the dollar against which it is valued.

 

However, the price action shows that gold buyers are seeking insurance against inflation and are not very concerned about opportunity costs at the moment. Despite all of the Fed's hawkish rhetoric and anticipation for aggressive rate hikes, we have yet to witness a shift in the direction of inflation.

 

Gold is likely to remain underpinned for the foreseeable future as long as the inflation arrow continues to point upward and the Ukraine war continues.

 

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Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. A move over the intraday high of $1985.50 reaffirms the uptrend. A break of $1916.20 will revert the major trend to the downside.

 

On the upside, the retracement zone between $1987.60 and $2009.90 is the nearest objective.

 

On the downside, the long-term Fibonacci level at $1958.70 serves as the initial support, followed by the short-term 50% level at $1932.90.

Technical Forecast for the Daily Swing Chart

The June Comex gold futures market's path through Wednesday's close is likely to be dictated by trader reaction to the 50% level at $1987.60.

Scenario of Bullishness

A sustained move above $1987.60 will signal that buyers are present. This could provide the necessary momentum for a test of the Fibonacci level at $2009.90. This is a trigger point for an upside acceleration.

Scenario of the Bear

A persistent decline below $1987.60 indicates the existence of sellers. They intend to attempt the formation of a secondary lower top. This, if successful, might result in a break into $1958.70.

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