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Gold prices plunged on June 25, extending losses from the previous trading day; a stronger dollar and growing market expectations of a potential Federal Reserve rate hike later this year dampened investor sentiment. Gold futures in New York fell 3.4% to settle at $3,990.30 an ounce, the lowest closing price since November of last year. Other precious metals also saw declines. The dollar strengthened against a basket of currencies today, making dollar-denominated commodities more expensive for overseas buyers.June 25th - As of 2:30 PM closing, the main Shanghai gold futures contract fell 2.45% to 875 yuan/gram, the main Shanghai silver futures contract fell 6.31% to 13,956 yuan/kilogram, and the main SC crude oil futures contract fell 3.78% to 471 yuan/barrel.U.S. Department of Transportation: Domestic airfares in the United States rose 4.7% in the first three months of 2026.Google (GOOG.O) shares dipped briefly after reports surfaced that two more of its AI employees may be leaving for Anthropic.June 25 – European Central Bank (ECB) official Zigman stated that the ECBs primary task is controlling inflation; with falling oil prices, this task is becoming relatively easier. Zigman delivered his first public speech since becoming governor of the Central Bank of Croatia this month. He noted that the ECB demonstrated its resolve by raising borrowing costs, despite concerns that this move would further hamper the regions already struggling economy. "We must focus on price stability," Zigman said. "Geopolitical developments related to the situation in the Strait of Hormuz have led to a drop in oil prices. This will undoubtedly have a positive impact on inflation."

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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