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On April 16, White House advisor and senior Trump aide Stephen Miller stated in an interview with Fox News that the United States could continue its blockade of Iranian ports "indefinitely." Miller stated that Trump is "a peace-loving man," but added that the United States has made its position clear: "The United States will not be bullied, and the United States will never be threatened by a nuclear-armed Iran. Not now, and never." Miller stated, "A military action could completely destroy Irans energy infrastructure for generations. But Trump has made it clear that he doesnt want to do that. He hopes Iran will choose the right path to reach an agreement. This blockade is severely damaging the Iranian regimes economic strength, and the United States has the ability to maintain this blockade indefinitely, provided that Iran chooses the wrong path."Malaysian Prime Minister: Petronas has assured that Australia will be given priority once domestic demand is met.The EU climate commissioner warned that energy prices in Europe have risen “astoundingly” and there are no economic “workarounds,” and that the recent crisis demonstrates the need for green investments to reduce dependence on imported fossil fuels.April 16th - The Nikkei 225 index is poised to close at a new high, erasing losses from the Iran war. Market optimism suggests new peace talks could accelerate the end of the conflict. The Nikkei 225 reached 59,549.59 points in early trading, above its all-time closing high of 58,850.27 points set on February 27th. Export-related stocks, including those in the automotive, electronics, and information technology sectors, performed well, while real estate and food stocks declined. Global markets are expected to recover to pre-Iran war levels. The S&P 500 and Nasdaq 100 both hit record highs. Meanwhile, the US and Iran are considering extending the ceasefire agreement for two weeks to allow more time for negotiations. "New information is coming in, which helps stabilize market sentiment regarding the Middle East situation," said Masaki Ito, senior strategist at Nomura Securities. He expects Japanese stocks to move in tandem with US stocks.The UK and the EU plan to begin negotiations soon to include the UK in the EU’s newly established multi-billion euro technology fund as part of efforts to reshape relations and boost the UK economy.

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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