EUR/USD 1.15853
-0.568%
Gold 4458.14
-3.118%
Oil 82.713
-0.301%
USD/JPY 160.075
0.430%
GBP/USD 1.35378
-0.402%
GBP/JPY 216.693
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US President Trump criticized New York Governor Hoher for "taking Canadas side," refusing to use the name "American Lake," and "preferring Canada to win," while also supporting Blackman as the next governor of New York.Iranian Foreign Minister Araqchi: Our missiles have withstood the test and defended the country excellently, and all domestically produced equipment has performed at its best.Fitch affirmed Frances rating at A+; outlook is stable.On August 29th, local time, the Iranian Islamic Revolutionary Guard Corps Navy issued a statement on August 28th, claiming that the statements by US officials regarding the opening of the Strait of Hormuz were lies, intended only to control oil prices and cover up their failures. The statement emphasized that the Revolutionary Guards control over this strategic waterway is absolutely secure. Iran has ordered that all vessels attempting to pass through the Strait of Hormuz without Iranian coordination are prohibited from passage. The Revolutionary Guard Navy stated that this operation will continue until the US military action against Iran is completely terminated and its obligations are fulfilled.On August 29, Hezbollah leader Naeem Qassem called on the Lebanese government on August 28 to cancel the trilateral framework agreement between Lebanon, Israel, and the United States, saying the agreement undermines Lebanese sovereignty and fails to protect Lebanese rights. According to Hezbollahs Al-Ahram TV, Qassem made the remarks at an event in the southern suburbs of Beirut, calling the agreement "illegal, unjust, and humiliating." He said, "We oppose and call for the cancellation of this framework agreement." Qassem accused the United States and Israel of attempting to control and divide the Middle East. He said the Palestinian, Lebanese, Iranian, Yemeni, and Iraqi people have made sacrifices to prevent this plan from being realized.

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.

Suggestion