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Key Data

Market Overview

Fundamentals overview

On Wednesday (August 31), spot gold in the Asian session continued to be under pressure below the pivot point of 1729.79, and is currently testing the first support at 1720.65. If it falls below, it will look at 1704.44. Spot silver also tested the main support down.WTI crude oil fell to 1% on the day, with support at 90.81. The dollar index rose back above the pivot point, with the first upside target focused on 108.94. EUR/USD is approaching parity again, focusing on support at 0.9987. GBP/USD fell below the first support at 1.1653.

The Mohicans Markets strategy is for reference only and not as investment advice. Please read the terms of the statement at the end of the article carefully. The following strategy was updated at 16:30 on August 31, 2022, Beijing time.

Technical View

ONE · Technical Level · International Gold

1745 Strong Resistance

1733 Intraday long-short dividing line

1727-1728 First resistance zone

1720-1723 Trend Important Support 1710 Support

1692-1695 Bearish midline target

1680 Key support during the year (long-term)

Technical Analysis

Gold fell back to near the 1722 support yesterday. After breaking below 1720, it is preparing to stabilize and rise. The next step may be to test the 1728 resistance. From the perspective of options changes, there are still a small amount of long and short bets near the current price, but there is a large amount of long and short exits at farther points.

1728, although the bulls have a lot of bets, the put option still has a stock advantage and is the first resistance for gold. 1748 has a large number of put options leaving the market, the resistance is weakened but the short stock is still large, and the long target is 1758.

If gold goes down, you need to pay attention to the defense near 1718. The bears who had been betting on breaking the position now have a small amount of departure, and the downside energy is weakened. The short target is 1693-1698.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

TWO · Technical Level · Spot Silver

19 Bullish decrease and the stock is large, bearish increase and the stock is large, the long target

18.75 Bullish unchanged, bearish unchanged, long and short fight for points

18.5 Bullish unchanged, bearish increased and large stock, resistance level

18.25-18.3 Bullish increase, bearish increase greatly, and the action energy expands under the vigilance of breaking the position

18 Bullish unchanged, bearish increase and large stock, short target

Technical Analysis

Silver followed the trend of gold yesterday and stabilized after falling. From the perspective of options changes, the bears are actively betting on the downside, and the bulls have no obvious action.

Judging from the current uptrend in silver, the 18.65 resistance may be tested first. If it goes up further, it is possible to encounter long and short competition near 18.9, which is also the support level of last weekend's shock range and previous trend. At the same time, the downside risk of silver needs to be paid attention to during the day. The bears are betting heavily around 18.4-18.45. If silver falls below the support, it may expand its downward momentum, with the bearish target below 18.15.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

THREE · Technical Level · US Crude Oil

95.5-96 Bullish decrease sharply, bullish increase sharply, strong resistance

95 Bullish increase and large stock, bearish increase, rebound target

92.5 Bullish increase, bearish increase, first resistance

91 Bullish slightly decreased, bearish increased significantly, callback target and strong support

87-88 Bullish slightly increased, bearish increased, support level

Technical Analysis

On Tuesday afternoon, as the euro zone data weakened and the conflict in Iraq subsided temporarily, oil prices gave up the gains of the previous two days and reached the callback target of $91 that was said yesterday.

Judging from the overall changes in options, although the decline was relatively fast yesterday, the put options were mainly to lighten their positions, suggesting that the downward movement is expected to slow down. The 91 put options below the current price have increased sharply for two consecutive days, becoming the callback target and strong support. If it falls below the 90 mark, it may look to the next short target of 86.5-87.5.

Above the current price, if the price stabilizes around 91, it will first test the first resistance at 92.5, and after stabilization, it is expected to look towards the bullish rebound target of 95. The 95.5-96 call options have been greatly reduced, and will continue to be a strong resistance to wide fluctuations.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

FOUR ·  Technical Level · EURUSD

1.015 Bullish decrease slightly, bearish unchanged, resistance

1.01 Bullish increase, bearish decrease slightly and the stock is large, long target and resistance

1.005 Bullish decrease slightly, bearish decrease, resistance weakening

1.00 Bullish unchanged, bearish decrease sharply and the stock is large, pullback target and support

0.995 Bullish unchanged, bearish increase slightly and the stock is large, short target

0.9925 Bullish unchanged, bearish decrease, key support

Technical Analysis

On Tuesday, the Europe and the United States range oscillation is dominant, today opened slightly stronger, but still located below the resistance level at 1.005.

Observe the option changes and find that the resistance at 1.005 has weakened. If you can successfully break through,the Europe and the United States or will look to these days long target 1.01. And after 1.015 near is the only position inside the upside direction of the long departure, so there is some resistance.

If it falls back, the parity position will be the target, bearish options in this new bets; further break down, or will look to the short target 0.995. After that, the key support is located at 0.9925, because it is the short money below parity for the first time to leave the position.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

FIVE · Technical Level · GBPUSD

1.18 Bullish increase slightly, bearish decrease, long target

1.175 Bullish increase, bearish decrease, resistance weaken

1.17 Bullish increase sharply, bearish unchanged, rebound target and resistance

1.167 Bullish increase, bearish increase and short-side dominance, short-side strength strengthen

1.165  Bullish unchanged, bearish increase and the stock is large, retreat target

1.16 Bullish unchanged, bearish decrease but the stock is large, short target and support

Technical Analysis

GBPUSD quickly fell through the oscillation range after the U.S. markets opened on Tuesday. But then it began to stabilize and rebound, oscillating around yesterdays support at 1.065, and continued to move higher at the open this morning. In terms of options distribution, there are a number of new bullish options near1.17, which will be the rally target; and then the resistance near 1.175 has weakened. If it further rises break, GBPUSD may look to the long target 1.180 downside direction to see, 1.167 short power has strengthened. If it broken, it may look to fall back to the target 1.165, where the short money chips dense; As 1.16 for the current range of the only position for the short to leave, it will finally remain an important support and short target.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

SIX · Technical Level · AUDUSD

0.7 Bullish increase, bearish unchanged, rebound strong resistance

0.6975 Bullish increase sharply, bearish unchanged, long first target and resistance

0.695 Bullish decrease, bearish unchanged, bounce resistance

0.69 Bullish increase, bearish decrease, key resistance

0.685 Bullish increase, bearish unchanged and the stock is large, support

0.68 Bullish unchanged, bearish increase, key support

0.675 Bullish unchanged, bearish unchanged and the stock is large, short target

Technical Analysis

AUDUSD turned down after reaching yesterday's strong resistance at 0.695, with falling commodities as the main trigger, and overall it is still oscillating in a wide range of 0.685-0.695. Intraday, this key resistance was weakened by a small increase in 0.69 call options. A number of new call options were added above 0.6975, which is expected to become a new long target and provide some rally momentum before the US session. And 0.685 continues to act as key support, with a break below to test 0.68, and the short target of 0.675.

Note: The above strategy was updated at 16:00 on August 31. This strategy is a day strategy, please pay attention to the release time of the strategy.

Statement | Disclaimer

Disclaimer: The information contained in this material is for general advice only. It does not take into account your investment goals, financial situation or special needs. We have made every effort to ensure the accuracy of the information as of the date of publication. MHMarkets makes no warranties or representations about this material. The examples in this material are for illustration only. To the extent permitted by law, MHMarkets and its employees shall not be liable for any loss or damage arising in any way, including negligence, from any information provided or omitted from this material. The features of MHMarkets products, including applicable fees and charges, are outlined in the product disclosure statements available on the MHMarkets website. Derivatives can be risky and losses can exceed your initial payment. MHMarkets recommends that you seek independent advice.

Mohicans Markets, (Abbreviation: MHMarkets or MHM, Chinese name: Maihui), Australian Financial Services License No. 001296777.