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On July 30th, at the CDEC Summit Forum held during ChinaJoy, Zhang Yijun, First Vice Chairman of the China Audio-Visual and Digital Publishing Association, released the "China Game Industry Report for January-June 2026". The report shows that in the first half of 2026, the actual sales revenue of the domestic game market reached 188.45 billion yuan, a year-on-year increase of 12.17%. As of June, the number of game users in my country reached 684 million, a year-on-year increase of 0.82%. In terms of overseas game exports, my country continued to maintain high growth, with the actual sales revenue of self-developed games in overseas markets reaching US$12.372 billion in the first half of the year, a year-on-year increase of 30.2%. Meanwhile, mini-games also showed impressive growth, with the revenue of mini-program mobile games reaching 31.66 billion yuan in the first half of the year, a year-on-year increase of approximately 36%. Zhang Yijun mentioned that the game industry saw significant growth in scale in the first half of the year, with AI technology fully penetrating the market and the game economy becoming increasingly robust.On July 30th, the worlds largest diameter high-speed rail tunnel boring machine, independently developed by my country, successfully traversed the Yangtze River, marking the completion of the tunnels waterway section. Once operational, the Chongtai Yangtze River Tunnel will end the history of Chongming Island, my countrys third largest island, being without high-speed rail access.U.S. Central Command: There are currently more than 50,000 U.S. troops deployed in the Middle East, maintaining a high level of vigilance and ready to fight at any time.Samsung Electronics: It has received approximately one-quarter of the advance payments for long-term service agreements.Samsung Electronics: The foundry business is expected to turn profitable in the near future.

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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