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On June 13, local time, an alarm at the Tokyo Electric Power Companys Fukushima Daiichi Nuclear Power Plant, used to indicate an anomaly in the transfer of contaminated water, was triggered, automatically halting the discharge of contaminated water into the sea. It is reported that there were no abnormalities in the equipment. TEPCO is currently investigating the cause of the alarm. A similar situation occurred at the Fukushima Daiichi plant on June 10.The Russian Ministry of Defense reported that Russian troops liberated 172 buildings in Konstantinovka, the "Donetsk Peoples Republic," while Ukrainian troops suffered 40 casualties.On June 13, the Islamic Republic of Iran Broadcasting reported that Iranian officials announced the funeral arrangements for the late Supreme Leader Ayatollah Khamenei.June 13th - According to the Financial Times, US investment groups are seizing the opportunity presented by Trumps ouster of Maduro to aggressively acquire Venezuelas underutilized oil fields. Miami-based Lionheart Capital has taken the lead, signing a letter of intent to merge its listed shell company, Lionheart Holdings, with Keo Energy, which owns oil field assets in Venezuela. Sources say the merger would create the first Venezuelan oil company listed on Nasdaq, providing direct investment access for US and institutional investors. The report states that Lionheart plans to list the oil company at a valuation of approximately $1 billion through the merger; its shell company, Lionheart Holdings, raised $230 million in 2024. Sources indicate that negotiations are still in the early stages and have not yet been finalized, and may fall through. Lionheart Holdings plans to hold a shareholder vote next week to gain more time to find acquisition targets, otherwise it may face liquidation.Polish Prime Minister Donald Tusk announced on Saturday that Poland will end its fuel price cap this summer, citing expectations of a de-escalation of the conflict involving Iran and price stabilization. In March, the Polish government announced a reduction in the fuel value-added tax (VAT) from 23% to 8%, lowered the excise tax to the lowest level in the EU, and began daily price caps on motor vehicle fuels. These measures have been extended every two weeks since their implementation. This Friday, Poland decided to extend the VAT exemption and price cap on gasoline and diesel until the end of June, but did not extend the excise tax exemption. Tusk stated, "Throughout the crisis, our fuel prices have been the cheapest in Europe, but we will end this measure this summer."

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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