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On July 2nd, Valar Atomics, a California-based nuclear energy startup, used an advanced reactor to generate electricity to power Nvidias AI chips. While the generated power was very small, this marks the first time a next-generation reactor in the United States has achieved this. During a demonstration at the companys Utah base on Wednesday, Valars Ward 250 reactor was connected to an Nvidia Blackwell chip and used to temporarily host a website. The two companies also announced an agreement to jointly explore methods for developing nuclear-powered AI systems. This latest development comes after the reactor reached "criticality" last month, marking the beginning of a self-sustaining fission reaction. Valar belongs to a group of companies developing next-generation nuclear technologies that use new materials and designs aimed at improving safety and performance. However, the industry is still in its early stages, and no advanced reactors have yet been commercialized in the United States.On July 2nd, local time, Iran released a video of a speech by Iranian Parliament Speaker Mohammad Qassem Ghalibaf on the evening of July 1st. Ghalibaf stated that claims about "allowing IAEA inspectors to enter destroyed nuclear facilities" are false. He stated that the Iranian Islamic Parliament passed a law, approved by the Supreme National Security Council, stipulating that access to destroyed or damaged nuclear facilities cannot be permitted in any way. Ghalibaf emphasized that the IAEA is only allowed access to two locations: the Bushehr nuclear power plant and the Tehran nuclear research reactor. Iran does not grant any privileges beyond those granted by the Supreme National Security Council.Market news: A fire broke out at the Primir Palace Hotel in Kyiv following a Russian drone attack.US-Iran Negotiations: 1. According to Saudi Arabias Al Arabiya TV: A senior government official stated that US negotiators Kushner and Witkov held positive discussions with Qatari regional leaders, and technical negotiations with Iran are also progressing. 2. According to foreign media reports on July 1, citing sources, US and Iranian officials will hold indirect talks that day in Doha, the capital of Qatar. 3. According to Israels Channel 12, citing Saudi media reports: The Doha negotiators have reached a preliminary agreement to release $3 billion to Iran. 4. US President Trump: Iran negotiations are progressing well. Irans denuclearization is progressing well. 5. Iran says it will launch negotiations on a final agreement with the US at an appropriate time. 6. According to Axios: The US attempted to persuade Iran to abandon the "passage fee" mechanism in the Strait of Hormuz during the Doha negotiations. 7. According to the Islamic Republic News Agency (IRNA): Irans Deputy Foreign Minister stated that the Iranian delegations talks in Doha have concluded. 8. Sources: Iran is demanding a phased implementation of the US-Iran memorandum of understanding, with a focus on unfreezing assets. 9. Iranian Parliament Speaker Ghalibaf: Reports of inspectors entering bombed sites are false. 10. US Vice President Vance: Technical negotiators are discussing the Iranian issue. 11. Iran claims the US violated its commitments under the memorandum of understanding and will establish a monitoring mechanism to review violations. 12. Iranian sources say Iran insists on retaining control of the Strait of Hormuz. 13. US Vice President Vance: Commercial shipping has achieved free passage in the past three days. 14. Qatar: All parties agreed to advance discussions, and the next meeting will be held after the funeral of the former Iranian Supreme Leader. Other developments: 1. Israeli media, citing senior security officials, stated that the Gaza Strip is nearing a boiling point, and returning to conflict is no longer a question of "if," but "when." 2. US officials: US troops will be stationed in Lebanon to monitor the ceasefire. 3. According to Saudi Arabias Al Arabiya TV: Israel launched airstrikes over Nabutia in southern Lebanon. 4. Iran Air resumes its Tehran-Mumbai route. 5. Thailand confirms that most of its ships have safely left the Strait of Hormuz. 6. British media: Gulf states reportedly seek to reach a regional security agreement with Iran unilaterally. 7. A ship ran aground in the Strait of Hormuz; the extent of the damage is unclear. 8. According to Iranian state media: A foreign container ship ran aground in the Strait of Hormuz because it did not follow the route designated by Iran.July 2nd - According to a report by US tech journalist Gurman, Apple (AAPL.O) is planning to launch an upgraded iPad Pro series and a redesigned entry-level MacBook Pro next year, along with several other major new products to celebrate the 20th anniversary of the iPhone. Sources familiar with the matter revealed that the company is testing four new iPad Pro models planned for release in the spring of 2027. These new models will retain the current 11-inch and 13-inch screens. The updates will primarily focus on internal improvements, including faster chips. As previously reported, Apple has tested a vapor chamber cooling (VC liquid cooling) system for its tablets to improve sustained performance and reduce overheating issues. Apple also reportedly plans to launch a redesigned entry-level MacBook Pro, codenamed K104, in the first half of next year. This 14-inch laptop will feature a completely new design, consistent with Apples upcoming high-end touchscreen MacBook, which is expected to be released between the end of this year and the beginning of next year.

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.