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On September 18, Art Hogan, chief market strategist at Riley Wealth Management, said: "Nvidias cooperation plan with Intel still needs to obtain regulatory approval, and this does not mean that Nvidia will definitely produce its current model graphics processing units (GPUs) in Intels newly commissioned wafer fab. Nvidia will most likely still need to continue to manufacture such chips through TSMC, but for domestic manufacturing in the United States, this is still a step in the right direction."On September 18th, Ipek Ozkardeskaya, a senior analyst at Swiss bank Pictet, stated that Intel urgently needs a viable business model and customer interest in its products. Therefore, Nvidias agreement to invest up to $5 billion in a joint venture to develop chips for personal computers and data centers is positive news for Intel. Intel needs a partner, and for a company whose investors are generally skeptical of its future prospects and concerned about its ability to regain its prominence after missing out on AI development, Nvidia is the perfect partner. For Nvidia, this decision may have political support, as the US government wants these companies to produce chips domestically and has previously invested in Intel to encourage the company to build its Ohio factory, which will be one of the largest chip manufacturing plants in the country.White House economic adviser Hassett: This weeks focus is on American farmers.White House economic adviser Hassett declined to say when the nomination for Federal Reserve chairman will be announced.White House economic adviser Hassett: Im not aware of any talks regarding a stake in Nvidia (NVDA.O) similar to the Intel deal.

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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