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Philippine Airlines has pledged to purchase up to 20 Boeing 787-10 Dreamliners.Futures Commentary by Everbright Futures: Gold prices have fluctuated amid geopolitical turmoil. According to Xinhua News Agency, US President Trump posted on social media on the 20th, hinting at a strong retaliatory action against Iran following recent US casualties. Irans Mehr News Agency reported on the 20th that explosions were heard in Hormozgan and Fars provinces in southern Iran that evening. However, the Trump administration has not completely ruled out seeking a diplomatic solution. According to China News Network, US Secretary of State Rubio stated in a media interview on the evening of the 19th that the Trump administration "remains open to a diplomatic solution." He also stated that Iran is still sending signals to the US "directly or through various channels from other countries," indicating that "they want dialogue and negotiations." With the situation highly uncertain, oil prices have struggled to rise, and gold prices have entered a sideways trading pattern. In the short term, the US-Iran conflict has failed to find a better solution, and the ongoing conflict is unlikely to effectively alleviate market concerns about inflation and interest rates. For gold, the outlook is mainly one of weak declines and corrective rebounds. It is recommended to maintain a defensive stance in the face of a highly volatile environment. Going forward, continued attention needs to be paid to the US-Iran conflict, expectations of Federal Reserve policy, and whether overseas financial markets will trigger liquidity risks due to expectations of rising interest rates.On July 21, Cai Tuanjie, Director of the Safety Supervision Department and Director of the Transport Services Department of the Ministry of Transport, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, we will focus on promoting low-carbon alternatives for transportation power, advancing the green transformation of transportation infrastructure, accelerating the optimization and adjustment of the transportation structure, continuing to deepen the fight against pollution, and improving the statistical accounting and monitoring system for carbon emissions in transportation. We will promote the green and low-carbon transformation of the transportation sector with greater efforts, laying a solid foundation for building a strong transportation nation and a beautiful China.Southern Securities double-leveraged long position in Samsung Electronics (07747.HK) surged over 14%, while Southern Securities double-leveraged long position in Hynix (07709.HK) rose over 9%.July 21 – Ant International announced today that it has completed its Series A financing round. Ant Group, along with some existing shareholders including Alibaba and several international investment institutions, participated in this round. The approximately $1.2 billion raised will be used to expand its global business, accelerate investment in cutting-edge technologies such as AI, broaden inclusive fintech services such as cross-border payments and global accounts, and help global merchants achieve growth.

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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