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On May 26th, the Xiongan New Area Housing Management Center issued a notice regarding the optimization and adjustment of housing provident fund withdrawal and loan policies. The notice states that for employees who meet the conditions for rent withdrawal in the New Area, the maximum withdrawal amount is increased to 17,000 yuan per year if they have not registered their housing rental contract; and to 25,000 yuan per year if they have registered their housing rental contract through the "Hebei Xiongan New Area Housing Rental Information Service Platform." For employees purchasing owner-occupied housing in the New Area and applying for a housing provident fund loan, the maximum loan amount is increased to 800,000 yuan. For employees of Beijing-based relocated units whose housing provident fund contributions are located in the New Area and who purchase owner-occupied housing in the New Area, the maximum loan amount is increased to 1.2 million yuan. For families with two or more children purchasing owner-occupied housing in the New Area and applying for a housing provident fund loan, the maximum loan amount is increased by 200,000 yuan. For employee families with only one fully repaid housing provident fund loan record nationwide and no housing in the New Area, the first-time homebuyer housing provident fund loan policy will apply.On May 26th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.2740%, and the lowest was 0.8100%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0360%, and the lowest was 0.0030%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0410%, and the lowest was 1.0000%.Lenovo Group (00992.HK) rose over 9%, currently trading at HK$17.19 per share. In related news, investment banks such as Goldman Sachs raised their target price for Lenovo Group, to as high as HK$27.On May 26th, according to statistics from the China Index Academy, the secondary housing market in key cities remained highly active in May. From May 1st to 24th, 107,000 secondary residential units were sold in 20 cities, a year-on-year increase of 19.5%, with the growth rate continuing to expand compared to April. Regarding prices, core cities experienced an accelerated decline in the fourth quarter of last year, while Shanghai saw consecutive month-on-month increases in March and April this year, and the declines in cities such as Beijing and Shenzhen have also narrowed significantly compared to the fourth quarter of last year. The simultaneous occurrence of increased transaction volume, stable listings, and stabilizing prices is a key difference between this round of recovery and last years "price-for-volume" model.Bank of Japan Deputy Governor Ryozo Himino: We will closely monitor the impact of the situation in the Middle East on the Japanese economy and prices, while assessing the likelihood of the baseline scenario being realized, and considering the timing and pace of policy adjustments accordingly.

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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