EUR/USD 1.16388
0.060%
Gold 4506.69
-0.018%
Oil 90.907
-1.667%
USD/JPY 159.196
-0.059%
GBP/USD 1.34532
0.048%
GBP/JPY 214.174
-0.007%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 27, Liu Guixiang, a deputy ministerial-level full-time member of the Judicial Committee of the Supreme Peoples Court and a second-level grand justice, stated at a press conference held by the State Council Information Office that the peoples courts will make every effort to safeguard national security and social stability. They will punish crimes that endanger national security and public safety, and disrupt the socialist market economy order, in accordance with the law. Adhering to the principles of marketization and the rule of law, they will comprehensively perform their functions of administrative, civil, and criminal adjudication, and prevent and resolve risks in key areas such as finance and real estate.On May 27, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan" to introduce the relevant situation of "Promoting the Rule of Law in All Aspects." At the press conference, Miao Shengming, Deputy Procurator-General and Second-Level Senior Procurator of the Supreme Peoples Procuratorate, stated that the procuratorate will severely punish crimes that have drawn strong public condemnation, such as serious violence, gun and explosives-related crimes, organized crime, crimes endangering production safety, and telecommunications and internet fraud, in accordance with the law. Those who should be arrested will be arrested, and those who should be prosecuted will be prosecuted. In particular, the procuratorate will swiftly arrest and prosecute individuals who commit serious and heinous crimes, and severely punish them, thereby more effectively deterring crime and stabilizing public sentiment.On May 27th, the Shanghai Stock Exchange (SSE) announced on May 26th that it had recently co-hosted an online international roadshow event, "Focus on SSE: Brazil Special," with the Brazilian Securities and Futures Exchange. The event attracted over 40 institutions from Brazil, including asset management companies, financial intermediaries, pension funds, and banks. Going forward, under the overall guidance of the China Securities Regulatory Commission (CSRC), the SSE will explore cross-border cooperation with more overseas markets, continuously enrich cross-border investment products, facilitate the allocation of overseas medium- and long-term funds to Chinese assets, and promote greater international investor understanding and investment in China through diverse themed events, enabling them to share in the high-quality development of Chinas capital market.On May 27th, according to the latest data released by the China Index Academy, in April, the total bond financing amount in the real estate industry reached 61.48 billion yuan, a year-on-year increase of 28.8% and a month-on-month increase of 18.5%. Among them, real estate corporate bond financing amounted to 37.48 billion yuan, a year-on-year increase of 2.6% and a month-on-month decrease of 9.1%, accounting for 61%; overseas bond financing amounted to 3.43 billion yuan, accounting for 5.6%; and ABS financing amounted to 20.57 billion yuan, a year-on-year increase of 83.9% and a month-on-month increase of 93.1%, accounting for 33.5%.Goldman Sachs raised its year-end 2026 target for the S&P 500 to 8,000, up from 7,600 previously.

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