EUR/USD 1.18313
0.082%
Gold 5018.44
1.316%
Oil 62.788
-0.810%
USD/JPY 156.618
-0.304%
GBP/USD 1.36096
-0.063%
GBP/JPY 213.156
-0.366%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On the morning of the 9th, General Secretary Xi Jinping visited the National Information Technology Innovation Park in Yizhuang, Beijing, to learn about the application innovation of information technology and Beijings efforts to accelerate the construction of an international science and technology innovation center. He also viewed a display of representative scientific and technological innovation achievements and had a cordial exchange with representatives of researchers and technology companies.February 9th - Following strong performances in all three major US stock indices last Friday, Hong Kong stocks opened higher and continued to rise throughout the day. The Hang Seng Index opened 422 points higher at 26,982, before narrowing its gains to 319 points, reaching a low of 26,879. It then rallied again, rising 514 points to a high of 27,074, once again breaching the 27,000 mark. At the close, the Hang Seng Index was up 1.17% in the morning session, while the Hang Seng Tech Index was up 1.02%. The total turnover of the Hang Seng Index market was HK$136.25 billion. On the sector front, optical communications, photovoltaic equipment, and wind power stocks led the gains, while mainland property stocks saw a surge, and semiconductor stocks continued their strong performance. New consumption concepts, telecommunications, home appliances, and oil stocks were weak. In terms of individual stocks, Innovent Biologics (01801.HK) rose nearly 6%, Pop Mart (09992.HK) rose over 5.7%, China Life (02628.HK), Longfor Group (00960.HK), Zijin Mining (02899.HK), and Hua Hong Semiconductor (01347.HK) rose over 5%, Kuaishou (01024.HK) fell over 4.2%, and China Telecom (00728.HK) and China Mobile (00941.HK) both fell over 1.5%.On February 9th, a new PR (Public Retrieval Request) for Qwen 3.5 to merge into Transformers appeared on the open-source project page of HuggingFace, the worlds largest AI open-source community. Industry insiders speculate that the release of Alibabas next-generation foundational model, Qwen 3.5, is imminent, sparking heated discussions in the global AI open-source community. Some commentators have described a "crazy February" led by large-scale Chinese models as imminent. Related information reveals that Qwen 3.5 adopts a new hybrid attention mechanism and is highly likely to be a natively capable VLM-like model for visual understanding. Developers have further discovered that Qwen 3.5 may open-source at least a 2B dense model and a 35B-A3B MoE model.Japanese Prime Minister Sanae Takaichi: The US-Japan alliance and friendship are built on deep trust and close, solid cooperation.Japanese Prime Minister Sanae Takaichi: The potential of our alliance is limitless.

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.

 

image.png 

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.

Suggestion