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On April 26, an Iranian diplomatic official stated on the 25th local time that a second round of negotiations between Iranian and US delegations might be held in the coming days. It is understood that Iran has conveyed a message to the US side, urging President Trump to reduce threatening rhetoric, and indicating that if the US stance softens, hardliners within Iran are more likely to support participation in the negotiations.According to the Wall Street Journal, citing Iranian diplomats and sources, US and Iranian delegations may meet in the coming days.On April 26, Iranian Foreign Minister Araqchi led a delegation to Muscat, the capital of Oman, on April 25. On the same day, Iranian Foreign Ministry spokesman Baghae stated that this visit was the first by a senior Iranian official to a Gulf state since the US-Israel military strikes against Iran. Baghae posted on social media that day that Iran has always attached great importance to its relations with the Persian Gulf countries and is committed to strengthening mutual trust and constructive cooperation. He stated that Irans relations with Oman reflect its sincere desire to promote a mutually respectful and mutually beneficial relationship with its southern neighbor.Iranian Foreign Ministry: We hope to work towards the implementation phase of sustainable peace.The US president said of Powell: "What I want to understand is, why did a building that I could have built for $25 million end up costing $4 billion? Thats a very big question. He was in charge of this at the time—well definitely get to the bottom of it."

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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