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June 18th - At 11:58 AM Beijing time on June 17, 2026, the Kuaizhou-11 Y13 carrier rocket was launched from the Jiuquan Satellite Launch Center, sending the Microspace 05 group of satellites into their predetermined orbit. The flight test mission was a success.Hong Kong Monetary Authority: The Federal Reserves decision to keep interest rates unchanged was in line with market expectations.HSBC Hong Kong: The prime lending rate for Hong Kong dollars remains unchanged at 5%.On June 18, the Hong Kong Monetary Authority (HKMA) responded to the Federal Reserves interest rate decision, stating that the Feds decision to maintain the current interest rate was in line with market expectations. The post-meeting statement indicated that inflation remained at a relatively high level, reflecting the Committees concern about the inflation outlook. In Hong Kong, the money and financial markets continued to operate smoothly. Under the linked exchange rate system, Hong Kong dollar interbank rates generally converge with US dollar interest rates, while shorter-term interbank rates are also affected by the supply and demand of Hong Kong dollar funds in the local market, such as seasonal factors and capital market activity. Changes in US interest rates will depend on inflation trends, the employment market situation, and other economic data, which will also affect Hong Kongs interest rate environment. Citizens should fully consider and manage interest rate risks when making decisions regarding property purchases, investments, or borrowing. The HKMA will continue to closely monitor market changes and maintain monetary and financial stability.On June 18th, the "Offshore Wind Power Review and Outlook" report was released in Shanghai yesterday (June 17th). The report shows that by 2025, my countrys newly added grid-connected offshore wind power capacity will account for 78% of the global total, maintaining its leading position globally. In 2025, the global newly added grid-connected offshore wind power capacity will reach 9.252 million kilowatts, a year-on-year increase of 16%, of which the Chinese market contributed 7.192 million kilowatts, accounting for a high 78%. By the end of 2025, the global cumulative grid-connected offshore wind power capacity will reach 92.475 million kilowatts, with China accounting for 56% of the global total with a cumulative installed capacity of 52.042 million kilowatts, continuing to lead the world. The 15th Five-Year Plan clearly states the goal: to build offshore wind power bases in the Bohai Sea, Yellow Sea, East China Sea, and South China Sea, and to promote the standardized and orderly development of deep-sea wind power, with the cumulative grid-connected offshore wind power capacity reaching over 100 million kilowatts.

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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