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Italys composite PMI came in at 53.6 in August, up from 52.5 in the previous month.Italys services PMI for August was 55.2, below the expected 54 and the previous reading of 52.5.September 3rd - According to the China Passenger Car Association (CPCA), preliminary statistics show that from August 1st to 31st, the national retail sales of new energy passenger vehicles reached 1.069 million units, a 4% decrease compared to the same period last August, but a 12% increase compared to the same period last month. Since the beginning of the year, the cumulative retail sales of new energy passenger vehicles have reached 6.737 million units, an 11% decrease compared to the same period last August. From August 1st to 31st, the national wholesale sales of new energy passenger vehicles by manufacturers reached 1.506 million units, a 16% increase compared to the same period last August, and a 4% increase compared to the same period last month. Since the beginning of the year, the cumulative wholesale sales of new energy passenger vehicles by manufacturers have reached 9.754 million units, a 9% increase year-on-year.Market news: Japan will hold a special parliamentary session in early October.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked: Mexican Foreign Minister Velasco will visit China from September 6 to 7. How does China evaluate the current state of China-Mexico relations? What are Chinas expectations for this visit? Guo Jiakun stated that Mexico is a major country in Latin America and an important emerging market. China and Mexico are comprehensive strategic partners. For more than 50 years since the establishment of diplomatic relations, bilateral relations have continued to develop in depth, with fruitful results in exchanges and cooperation in various fields. The two sides maintain close coordination and cooperation in international and regional affairs. This visit is Mr. Velascos first visit to China since assuming the post of Foreign Minister in April this year. China looks forward to exchanging in-depth views with Mexico on bilateral relations and international and regional issues of common concern during this visit, continuously enhancing political mutual trust, deepening mutually beneficial cooperation, promoting the stable development of China-Mexico relations, and better benefiting the people of both countries.

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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