EUR/USD 1.16141
-0.097%
Gold 4434.77
-0.854%
Oil 89.430
-0.234%
USD/JPY 156.234
0.280%
GBP/USD 1.35183
-0.046%
GBP/JPY 211.206
0.242%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
September 5th - According to foreign media reports, the Pentagon has secured priority rights to purchase crude oil from 17 oil fields in Venezuela, and under the new agreement, it can purchase 20% of the output at cost price rather than market price. The report states, "The Pentagon has the sole right of first refusal to purchase oil extracted by NABEP. Of this, 20% can be purchased at a price reflecting the companys extraction costs, rather than at market price, while the remainder will be purchased at market price." The report also states that in addition to the cheap oil, the Pentagon has acquired a 35% stake in the joint venture.On September 5th, the China Development Bank (CDB) successfully issued 5 billion yuan of 3-year green financial bonds through the Shanghai Clearing House, with an issuance interest rate of 1.27%. This marks the first time CDB has used online book-building to issue green financial bonds, effectively improving issuance efficiency and transparency. This issuance represents a new attempt by CDB to optimize its bond issuance pricing mechanism and narrow the price gap between the primary and secondary markets, as well as a new exploration of empowering green and low-carbon financing through market-oriented methods. The funds raised from this bond issuance will be primarily used for key areas such as green infrastructure upgrades, energy-saving and carbon-reducing industries, green and low-carbon energy transformation, and ecological protection, restoration, and utilization.September 5th - At 1:32 AM on September 5th, the Jiangxi Provincial Hydrological Monitoring Center upgraded its flood warning to orange. Due to heavy rainfall, it is predicted that within the next 13 hours, the Ganjiang River section in Jian City will experience flooding exceeding the warning level by approximately 2.7 meters; the water level in the Xiajiang County section is still rising, currently exceeding the warning level by 0.23 meters; the flow rate in the Zhangshu City section is still increasing, currently at approximately 13,800 cubic meters per second; and the flow rate in the Nanchang City section is also still increasing, currently at approximately 12,800 cubic meters per second.September 5th - According to Xiaomi Technology, Xiaomi officially released Xiaomi-TabLDM today: a general-purpose large-scale model for tabular data. Xiaomi-TabLDM directly adapts to different tabular datasets with a single pre-trained model and unified default configuration, completing classification and regression predictions without the need for retraining, parameter tuning, or post-ensemble for each task.Musk: The factory system that produces Tesla (TSLA.O) Cybercab is completely different from any other car production line.

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