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June 3rd - The Regional Comprehensive Economic Partnership (RCEP) will mark its third anniversary of full entry into force in June 2026. According to the Guangdong Sub-Administration of the General Administration of Customs, since June 2, 2023, Guangdong ports have imported a total of 53.8 billion yuan worth of goods enjoying preferential tariff treatment, resulting in tariff reductions of 1.4 billion yuan. Tax reductions have seen significant growth for three consecutive years, with year-on-year increases of 8.81%, 32.35%, and 32.12% respectively in 2023, 2024, and 2025. According to a relevant official from the Comprehensive Business Department of the Guangdong Sub-Administration of the General Administration of Customs, the customs has continuously optimized the level of RCEP customs clearance facilitation, helping enterprises to make good use of the RCEP rules of origin based on their own product and industry characteristics, guiding enterprises to scientifically choose the "optimal option" for preferential treatment, actively cultivating and recognizing "approved exporters," and realizing the superposition of policy dividends for customs advanced certified enterprises, thus continuously releasing the benefits of tariff reductions.Hong Kong-listed tech stocks continued to decline during the session, with Meituan (03690.HK) falling more than 6%, Kuaishou (01024.HK) and Bilibili (09626.HK) falling more than 5%, and Tencent Holdings (00700.HK) and JD.com (09618.HK) currently down more than 4%.Apple futures (2610 contract) surged during the session, with gains widening to 1.99%, and the latest price at 7733 yuan/ton; the trading volume was approximately 7.659 billion yuan, with nearly 600 lots added to open interest during the day, and both trading volume and open interest activity increased simultaneously.Documents from Petronas, Malaysias national oil company, show that the official selling price for Malaysian crude oil in May was set at a premium of US$126.80 per barrel.Fitch: New Zealands early return to surplus still depends on economic growth.

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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