EUR/USD 1.16783
0.003%
Gold 4616.86
2.163%
Oil 86.290
0.427%
USD/JPY 158.995
-0.035%
GBP/USD 1.36466
0.123%
GBP/JPY 216.979
0.098%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 23rd, at the 2026 Fudan University School of Management Science and Technology Innovation Forum, where NIO founder, chairman, and CEO Li Bin stated that this year is crucial for new energy vehicles, with fierce overall competition. The Chinese automotive industry is entering four new stages: the most brutal final stage, the stage of accelerated pure electric vehicle penetration, the transition from a period of brand confusion to a period of brand clarification, and the transition from single-point competition to systemic competition. Li Bin predicts that the next two years will be a critical period for determining whether a car company can keep up and whether it will be left behind.On August 23, according to Anhui Daily, Anhui Province recently introduced further concrete measures to support the cultural and tourism industry through financial means. The Provincial Local Financial Supervision and Administration Bureau and the Provincial Department of Culture and Tourism jointly issued "Several Measures for Financial Support for the Development of the Cultural and Tourism Industry," introducing 15 measures to accelerate the construction of a financial service system adapted to the development of the cultural and tourism industry and help make it a pillar industry. The measures explicitly support cultural and tourism enterprises in listing, refinancing, and mergers and acquisitions; encourage equipment upgrades through financial leasing, providing interest subsidies for eligible cultural and tourism equipment financial leasing businesses; and support cultural and tourism enterprises in utilizing ABS, REITs, and inter-institutional REITs to revitalize existing assets. In addition, the optimization of the financial ecosystem is being promoted simultaneously, including improving the level of financial services for cultural and tourism consumption and improving the construction of payment facilities in cultural and tourism scenarios.The Chilean Foreign Ministry announced that Chile will close its embassy in Iran on August 31, but will not sever diplomatic relations with the country. The ministry stated that this decision was also made "precautionary" due to the security situation in the Middle East.The secretary of Irans Supreme National Security Council stated that Tehran will not succumb to US economic pressure and the Strait of Hormuz will remain closed until Washington fulfills its commitments.August 23 - According to the website of the China Maritime Safety Administration, the Zhanjiang Maritime Safety Administration issued a navigation warning that live-fire exercises will be conducted in parts of the South China Sea from 8:00 to 18:00 daily from August 24 to 28, and entry is prohibited.

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