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On April 14th, Bank of America Securities released a research report, forecasting that JD Logistics (02618.HK)s total revenue for the first quarter of 2026 will increase by 25% year-on-year to RMB 58.9 billion, with non-IFRS net profit rising by 37% year-on-year to RMB 1.03 billion. The non-IFRS net profit margin is expected to improve from 1.6% in the same period last year to 1.8%. Excluding the on-demand delivery business, the bank expects JD Logistics core supply chain logistics revenue to grow by 6% year-on-year, with traditional express delivery revenue growing by 10%, outperforming the industry, while its cross-border express delivery business will achieve double-digit growth. Bank of America Securities believes that in a volatile operating environment, revenue growth is more important than profit margin, reflecting the high stickiness of supply chain logistics customers. The bank also raised its non-IFRS profit forecasts for the group for this year and next by 13% to 18%; the target price was raised from HK$15 to HK$16.6, and the "Buy" rating was reiterated.On April 14th, it was learned from the Beijing Municipal Commission of Transport that the Beijing Municipal Transportation Law Enforcement Team has recently launched an investigation into Shanghai Hello Bike Technology Co., Ltd. for illegally deploying excessive numbers of shared bicycles in Beijing. Going forward, Beijings transportation authorities will continue to strengthen supervision of the shared bicycle industry, urging all operating companies to earnestly fulfill their responsibilities and operate in accordance with laws and regulations. For issues such as illegal deployment and untimely data access, measures such as interviews, administrative penalties, and dynamic control of the total number of bicycles will be taken in accordance with the law. Companies that repeatedly violate regulations and refuse to rectify their practices will be severely punished according to law.The China Earthquake Networks Center officially determined that a magnitude 3.1 earthquake occurred in Tongliang District, Chongqing (29.61 degrees north latitude, 106.07 degrees east longitude) at 11:53 on April 14, with a focal depth of 8 kilometers.On April 14th, Japans 20-year government bond auction attracted the strongest demand since 2019, with higher yields continuing to attract investors despite ongoing conflicts in the Middle East. The bid-to-cover ratio for Tuesdays auction was 4.82, compared to 3.25 in the previous auction and a 12-month average of 3.27. Prices of Japanese government bonds rose after the auction.DeepX, a South Korean AI chip startup, is preparing for an IPO in South Korea.

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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