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On April 16, the Russian Ministry of Defense released a daily combat report stating that, in response to the Ukrainian militarys terrorist attacks on civilian facilities within Russia, the Russian military launched a large-scale strike in the past 24 hours using land-based, air-based, and sea-based long-range high-precision weapons and attack drones against Ukrainian defense industrial complex facilities used for the production of cruise missiles and medium- and long-range drones, as well as fuel and energy complex facilities serving the Ukrainian military. In addition, the Russian military also struck a total of 154 areas, including container terminals, armored vehicle storage yards, ground robotic system testing grounds, and temporary deployment points of Ukrainian armed forces and foreign mercenaries. Russian air defense systems shot down 5 guided-missile bombs and 270 fixed-wing drones. The Ukrainian military suffered approximately 1,055 casualties across various operational fronts.A spokesperson for the European Commission said that easing any sanctions on Russia would not help.On April 16th, the newly established National Automotive Standardization Technical Committee was in Beijing. A relevant official from the Ministry of Industry and Information Technology stated that during the 15th Five-Year Plan period, my country will accelerate the development of key core standards for the automotive industry, fully leveraging the guiding role of standards. Furthermore, during the 15th Five-Year Plan period, the guiding role of automotive standards will also contribute to improving product quality. This includes accelerating the formulation and revision of standards for automotive extreme environment adaptability, power battery cycle life, new energy vehicle energy consumption limits, and electromagnetic environment adaptability. Moreover, standards will guide the innovative application of key technologies. This includes accelerating the construction of standard systems in cutting-edge fields such as solid-state batteries and automotive artificial intelligence, and promoting the formulation and revision of standards for megawatt-level charging, intelligent chassis, and large-angle automotive seats.On April 16th, the Nikkei reported on April 15th that Tesla revealed on the 14th that it is considering producing humanoid robots at its Shanghai Gigafactory. The Shanghai factory has been producing electric vehicles since 2019 and will begin producing large-scale energy storage batteries in 2025. This plan to further expand manufacturing to humanoid robots aims to maintain its growth momentum in the Chinese market. Wang Hao, Vice President of Tesla and President of Tesla China, stated on the 14th that with the arrival of the robotics era, the Shanghai Gigafactory, like other Tesla factories, will shoulder an extremely important role as a production base, making significant contributions in areas such as robotics. The report stated that Tesla has not yet released details regarding the specific timing and scale of production. However, according to reports from some Chinese securities companies, its goal is to achieve an annual production capacity of 100,000 units by the end of 2026.The governor of the Polish central bank stated that the likelihood of further interest rate cuts has decreased due to the risk of an energy shock. The probability of holding rates steady or raising them is greater than cutting them.

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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