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Artificial Intelligence: 1. Altman: OpenAI will not go public this year; a lot of security work still needs to be done. 2. OpenAI Codex Product Manager: Several quality issues in Astra have been discovered and fixed. 3. ECB President Lagarde: A correction in the AI sector is entirely possible, but when it will happen is unclear. 4. Anthropic CEO calls for slowing down the pace of improving AI model capabilities to ensure their security. OpenAI founders Altman and Musk subsequently made similar statements. New Energy Vehicles: 1. Cui Dongshu of the China Passenger Car Association: The current downturn in the passenger car market is a phase of structural fluctuation. 2. Tesla announces it will showcase its next-generation Roadster electric supercar on October 1st; speculation about a SpaceX merger intensifies. Other: 1. 2025 World-Class Scientific Journals Directory Released. 2. Joint construction of the Yangtze River Delta Scientific Data Sharing Service Platform launched. 3. Xiongan International Computing Power Integrated Dispatch Center launched. 4. Report: China ranks second in global space infrastructure assessment. 5. Major Project of the National Natural Science Foundation of China Yangtze River Delta Basic Research Joint Fund launched. 6. The Dark Side of the Moon: Information circulating online regarding the founder and employees is malicious fabrication; a police report has been filed. 7. Oracle co-founder Larry Ellison has cancelled plans to sell up to $7.5 billion worth of Oracle shares. 8. SpaceXs weighting in the Nasdaq 100 index will increase after the index adjustment, expected to rise from approximately 1.28% to approximately 2.82%.September 13th - Due to the conflict between the United States and Iran disrupting global fuel supplies, U.S. diesel prices hit a record high on September 4th, surging to an average of $5.85 per gallon for the first time. Prices subsequently rose further, with the American Automobile Association stating that as of September 11th, the national average diesel price reached $6.05 per gallon, setting another record high. Paul Mitchell, professor of agricultural and applied economics at the University of Wisconsin-Madison, stated that high diesel costs are severely squeezing farmers profit margins, affecting every stage from harvesting to final transportation. Mitchell said, "The prices are unbearable. The cost pressure isnt just in the harvesting stage, but also in all transportation expenses: getting grain or silage from the field to the farm, and then from the farm to the sales point—someone has to bear that transportation cost. And rising diesel prices push up all of those costs."Conflict Situation: 1. Russia stated that its forces destroyed 172 Ukrainian drone control stations in the past day. 2. Ukrainian President Zelensky: On Saturday, Russian attacks on 10 regions of Ukraine resulted in 3 deaths and dozens of injuries. 3. Russian Ministry of Defense: Russian forces struck facilities in Odessa Oblast that support the transport of large quantities of weapons and ammunition from abroad to Ukraine, hit two cargo ships in the port of Chernomorsk, and also attacked a metallurgical plant in the Zaporizhzhia region. Peace Talks: 1. Ukrainian officials: Ukraine is preparing for a new round of trilateral talks between Ukraine, the US, and Russia in October. 2. Peskov: It is still uncertain whether Russian President Putin will attend the G20 summit. Other Situations: 1. According to the UAE News Agency: The UAE Crown Prince met with the Russian President, emphasizing the need to continue coordinating the summits outcomes and translating them into practical measures that benefit all parties. 2. According to Interfax: Rosatom stated that it plans to increase the number of experts at Irans Bushehr nuclear power plant to 150 in the near future. 3. Ukraines Minister of Economy: Approximately $40 billion in export revenue is at risk due to port blockades. The economic costs of the damage and blockades to Ukrainian seaports are expected to account for about 1.5 percentage points of GDP this year.Conflict Update: 1. Saudi Arabia claims Houthi attacks injured two people. 2. Houthis claim Saudi Arabia launched 129 airstrikes on Yemen in 48 hours. 3. Houthi rebels claim to have used numerous ballistic missiles and drones to attack Saudi military facilities. Strait of Hormuz: 1. US President Trump: We control the Strait of Hormuz. 2. Iran and Oman will brief on the results of navigation negotiations in the Strait of Hormuz. 3. British media: The US restricts air defense hours for oil tankers passing through the Strait of Hormuz. 4. US Central Command: 100 ships have been diverted in the past 60 days. 5. According to Bahrains National News Agency: Bahrain stated it will not participate in the meeting with Iran regarding the Strait of Hormuz. 6. Iranian media, citing sources: The agreement reached between Iran and Oman does not mean the Strait of Hormuz is open. Other Matters: 1. BRICS countries call on Middle Eastern countries to exercise maximum restraint. 2. Iranian Embassy in India: The Iranian President met with the Crown Prince of Abu Dhabi in New Delhi, India. 3. The Iraqi Foreign Minister spoke with the Iranian Foreign Minister to discuss the closure of border crossings and the attack on Saudi Arabia. 4. The head of the Atomic Energy Organization of Iran departed for Vienna to attend the IAEA General Assembly and meet with representatives from multiple countries. 5. The Iraqi military stated that Iraq agreed to Irans request to jointly investigate the existence of drone launchers along the border between the two countries. 6. Trump stated that the war will end soon; Iran may be responsible for the attack on the Saudi pipeline; the Houthis do not want to fight us. 7. Iraqi military sources stated that the Taib border region between Iraq and Iran has been closed after the drone launch site was discovered. 8. Ibrahim Aziz, Chairman of the National Security Committee of the Iranian Parliament, stated that there are no negotiations. Negotiations are meaningless unless Irans conditions are met. 9. The head of the Bushehr Airport Authority in Iran stated that after a six-month hiatus, Bushehr Airport resumed its first international flight, the Bushehr-Dubai route operated by Qeshm Airlines.On September 13th, it was reported that the Houthi rebels in Yemen have recently intensified their offensive against government forces and seized control of strategic locations in the Red Sea. Experts analyze that changes in the balance of power within Yemen and the conflict between the United States and Iran are the reasons for the rapid escalation of the conflict in Yemen. Li Zixin, assistant researcher at the China Institute of International Studies, stated that firstly, since the sudden escalation of the current Israeli-Palestinian crisis in October 2023, the Houthi rebels have frequently conducted military operations in the Red Sea under the pretext of supporting Hamas. During this process, the Houthis have continuously trained in missiles, drones, and cross-sea strikes, and have also cooperated to a considerable extent with regional allies, gradually enabling them to operate on multiple fronts. Secondly, since the UN-mediated ceasefire agreement in 2022 failed to be renewed, the various factions within the Yemeni government forces have never been able to effectively integrate. Currently facing multiple Houthi attacks, the US forces are almost instantly routed, with some even retreating before the battle even begins. Within nine days, they have lost several strategic locations, including the Mukha and Hanish Islands, surrendering areas once largely controlled by the government forces to the Houthis. Thirdly, with the US deeply mired in the war against Iran, the Houthis have precisely seized upon this power vacuum.

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.