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EU High Representative for Foreign Affairs and Security Policy Karas: I am in contact with partners, including those in the region affected by Iran’s military actions, to look for practical de-escalation measures.March 1 – On March 1, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke by phone with Russian Foreign Minister Sergey Lavrov at the latters request. Wang Yi stated that, with the encouragement of China and Russia, the UN Security Council held an emergency meeting yesterday regarding the current situation in Iran. Chinas position is: First, an immediate cessation of military action. This is to prevent the spread and spillover of conflict and to avoid the situation escalating to an uncontrollable point. China values the security of the Gulf states and supports their restraint. Second, a swift return to dialogue and negotiation. All parties should strongly advocate for peace and urge the parties involved to return to the path of dialogue and negotiation as soon as possible. Third, a joint opposition to unilateral actions. Attacking sovereign states without authorization from the UN Security Council undermines the foundation of peace established after World War II. The international community should send a clear and unambiguous voice against the world regressing to the law of the jungle.On March 1st, HuaAn Fund Management Co., Ltd. announced that the HuaAn S&P Global Oil Index Securities Investment Fund (LOF) (ticker symbol: Oil Fund LOF, trading code: 160416) will be suspended from trading from the opening of the market on March 2nd, 2026 until 10:30 AM on the same day, and will resume trading at 10:30 AM on March 2nd, 2026. This suspension is a temporary measure taken to protect investors interests and warn of trading risks due to a significant premium in the secondary market trading price. If the premium does not effectively decrease, the fund has the right to apply to the Shenzhen Stock Exchange for a temporary intraday suspension or an extension of the suspension period, subject to the announcement at that time.On March 1, Mehdi Tabatabae, the deputy head of the Iranian presidential office responsible for press and communications, said that Iranian President Pezechzian was safe. He wrote on social media, "President Pezechzian is safe and sound." On the same day, Pezechzian issued a statement regarding the death of Iranian Supreme Leader Khamenei, stating that Irans revenge against the United States and Israel was "its duty and legitimate right," and that it would "do everything in its power to fulfill this important responsibility."The Iraqi Civil Aviation Authority has extended the airspace closure by 24 hours.

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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