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On April 10th, Dong Lijuan, Chief Statistician of the Urban Division of the National Bureau of Statistics, interpreted the CPI data for March 2026. The national CPI continued its moderate year-on-year increase, with the rate of increase slightly declining to 1.0%. Among them, the price of industrial consumer goods rose by 2.2%, an increase of 1.1 percentage points compared to the previous month, contributing approximately 0.67 percentage points to the year-on-year CPI increase. The national CPI decreased by 0.7% month-on-month, mainly due to the seasonal decline in food and service prices. Food prices, which rose by 1.9% in the previous month, fell by 2.7%, contributing approximately 0.48 percentage points to the month-on-month decrease in CPI. Within the food category, influenced by factors such as increased supply due to warmer weather and a decline in demand after the holidays, the prices of fresh vegetables and fresh fruits fell by 10.1% and 3.3% respectively, while the prices of pork, eggs, and aquatic products fell by 7.3%, 3.4%, and 2.6% respectively. These five items combined contributed approximately 0.45 percentage points to the month-on-month decrease in CPI.April 10th - In March 2026, the national consumer price index (CPI) rose 1.0% year-on-year. Specifically, urban areas saw a 1.1% increase, while rural areas experienced a 0.9% rise. Food prices increased by 0.3%, and non-food prices rose by 1.2%. Consumer goods prices rose by 1.3%, and service prices rose by 0.8%. On average, from January to March, the national CPI rose 0.9% compared to the same period last year. Month-on-month, the national CPI fell 0.7% in March. Specifically, urban areas saw a 0.7% decrease, while rural areas experienced a 0.5% decrease. Food prices fell by 2.7%, and non-food prices fell by 0.2%. Consumer goods prices fell by 0.3%, and service prices fell by 1.1%.Chinas PPI rose 1% month-on-month in March, compared with 0.4% in the previous month.Chinas PPI rose 0.5% year-on-year in March, below the expected 0.40% and the previous reading of -0.90%.April 10th - According to the Chinese Service Center for Scholarly Exchange under the Ministry of Education, by 2025, the number of Chinese students studying abroad will exceed 570,000, and the number of students returning to China will reach 535,600.

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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