• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, March 4th: 1. Snowfall is expected in central and northern North China and southern Northeast China. From March 4th to 6th, light to moderate snow is expected in central and northern North China, southern Northeast China, western mountainous areas of southern Xinjiang, and the Ili River Valley, with heavy snow in some areas. 2. Over the next three days, influenced by a deepening low-pressure system and upper-level trough, heavy snow is expected in parts of western Norway, northern Sweden, most of Finland, Iceland, southern East European Plain, northern Iran, Kyrgyzstan, Tajikistan, central and eastern Afghanistan, and northern Pakistan, with blizzards or heavy blizzards in some areas. Accumulated precipitation in some of these areas will be 10-20 mm, with some areas exceeding 40 mm. Most of these areas will also experience winds of force 5-6, with gusts of force 8-9. 3. Over the next three days, influenced by a low-pressure system and an upper-level trough, moderate to heavy snow or sleet is expected in parts of high-altitude coastal and central Canada, the western mountainous regions of the United States, the eastern Great Lakes region, and southern Labrador Peninsula, with localized blizzards or heavy snowfalls. Accumulated precipitation is expected to be 10-20 mm, with some areas exceeding 40 mm. Temperatures in most of these areas will drop by 6-10°C, with some areas experiencing a drop of over 14°C. 4. Over the next three days, influenced by multiple low-pressure systems and an upper-level trough, moderate to heavy rain is expected in parts of northern Western Australia, the Northern Territories, northern Queensland, Papua New Guinea, and the Solomon Islands, with localized torrential rains. Accumulated precipitation in these areas is expected to be 30-50 mm, with some areas exceeding 80 mm.Market news: Israeli and/or US airstrikes are targeting Iranian-backed Popular Mobilization Forces (PMF) targets in Iraq.The worlds largest gold ETF, SPDR Gold Trust, saw its holdings decrease by 2.29 tons from the previous day, with its current holdings at 1099.05 tons.The Saudi cabinet issued a statement saying it will take all necessary measures to safeguard national security.Key Futures Data and Events to Watch Today (March 4, 2026), Wednesday: 1. Chinas official February manufacturing PMI; 2. Chinas February RatingDog services PMI; 3. UK LME non-ferrous metal inventory change to March 4; 4. US February ADP employment change; 5. US February S&P Global Services PMI final reading; 6. US February ISM non-manufacturing PMI; 7. US EIA crude oil inventories for the week ending February 27.

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.

 

image.png 

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.