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On April 13, several Israeli media outlets reported, citing senior Israeli defense officials, that the Israeli military had entered a "high alert" state, preparing for the resumption of military operations against Iran, as well as for a possible Iranian attack on Israel. As of now, the Israeli military has not commented on these reports.On April 13th, local time, on April 12th, after concluding his trip to Pakistan, Ghalibaf, the head of the Iranian delegation participating in the US-Iran negotiations in Islamabad, stated that the Iranian delegation had engaged in very in-depth, serious, and challenging discussions. Benefiting from the support of experts present, the delegation meticulously designed a series of measures to demonstrate Irans sincerity from a comprehensive and multifaceted perspective. He also stated that the Iranian delegation made it clear from the outset that it did not trust the Americans. The US must win Irans trust. Ghalibaf also responded to Trumps latest remarks on Iran, saying that such threats have no impact on the Iranian people. If the US wants to find a way out, the only way is to make a decision and win the trust of the Iranian people. Ghalibaf pointed out that if the US provokes, Iran will retaliate. Iran will not yield to any threats.According to Iranian state media, Irans chief negotiator, Qalibaf, told US President Trump: "If you provoke us, we will fight back; if you treat us with reason, we will treat you with reason."According to Iranian state media, Irans chief negotiator, Qalibaf, stated regarding US President Trumps new threats that such threats have no effect on the Iranian nation.According to Iranian state media, Irans chief negotiator, Qalibaf, stated that Iran has put forward several positive initiatives that fully demonstrate its sincerity, and these initiatives have promoted progress in the negotiations.

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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