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July 22 - Hong Kong-listed company, HOLDINGS (01243.HK), announced that for the three months ended June 30, 2026, the Group, together with its joint ventures, achieved unaudited contracted sales of approximately HK$1.212 billion. The total contracted sales area was approximately 47,784 square feet.On July 22, Ribobio (06938.HK) announced positive results from a Phase 2a study conducted in Europe evaluating vortosiran (RBD4059), a small interfering RNA (siRNA) therapy targeting coagulation factor XI (FXI), in patients with chronic coronary artery disease (CAD), at the Global Conference on New Drugs in Major Countries held in Shanghai. This randomized, double-blind, placebo-controlled study showed that vortosiran was generally well-tolerated in patients receiving standard aspirin therapy and significantly, dose-dependently, and persistently inhibited FXI activity. In patients who completed a high-dose vortosiran treatment course with a maintenance dose of 400 mg, the average maximum reduction in FXI activity reached 92%, and this reduction persisted for several months after administration.July 22 – Morningstar DBRS analyst Julia Specht noted in a report that the UKs public finances remain strained, and its credit quality hinges on the governments ability to implement credible economic and fiscal plans within limited fiscal space. In June, net borrowing by the UK public sector fell 33.1% year-on-year to £16 billion ($21.4 billion), but cumulative borrowing for the first few months of the fiscal year ending in June was still £2.7 billion higher than the Office for Budget Responsibilitys forecast. Specht stated, "The key to the credit assessment lies in whether new Prime Minister Burnham can advance his policy objectives without damaging fiscal credibility."On Wednesday, July 22, the Hang Seng Index closed down 239.63 points, or 0.95%, at 24,892.66; the Hang Seng Tech Index closed down 146.6 points, or 3.04%, at 4,668.23; the H-share Index closed down 109.61 points, or 1.31%, at 8,251.07; and the Red Chip Index closed up 37.61 points, or 0.92%, at 4,121.28.July 22nd - Tesla (TSLA.O) will release its Q2 earnings after the market closes on Wednesday. More than revenue and profit figures, investors are focused on the signals Elon Musk will deliver during the earnings call, particularly the latest developments regarding Robotaxi, the humanoid robot Optimus, and the companys artificial intelligence strategy. Morgan Stanley analyst Andrew Percoco stated that Robotaxi and Optimus will remain the main drivers of the stock price, and while these two businesses are expected to see positive updates in this earnings report, they may not be enough to decisively change the markets valuation of the company. With the company continuing to invest heavily in data centers, AI infrastructure, and robot manufacturing capabilities, capital expenditures this year are projected to reach $25 billion. According to LSEG data, Teslas Q2 free cash flow is expected to be a net outflow of $3.3 billion, marking the first quarterly net cash outflow in over two years. Morgan Stanley points out that investors are increasingly focused on whether Teslas massive investments truly enhance its competitive advantage in the field of physical AI, and when these investments will translate into profits.

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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