Mohicans markets：MHM European Market

Market Overview

During the Asian session on Friday, February 3, US crude oil fell slightly, and is currently trading at around US $75.75/barrel. The EIA crude oil inventory increased for the sixth consecutive week, and the US dollar index rebounded sharply on Thursday, putting pressure on oil prices. However, the market expects more signals of a strong recovery in China's fuel demand to offset the upcoming demand decline in other major economies.

ANZ analysts pointed out that after the Lunar New Year holiday, the traffic volume of the 15 largest cities in China rose sharply, but they also pointed out that Chinese traders were “relatively invisible” in the market.

Oil prices were also weighed down by the prospect of slower growth in the United States, the world's largest oil consumer, as well as economic recession expectations in the UK, Europe, Japan and Canada. Relatively speaking, the fundamentals and technical are slightly short, and investors need to beware of further downside risks in the short term of oil prices.

This trading day will usher in the US NFP in January, but this data generally has limited impact on oil prices. Investors also need to pay attention to the changes in US crude oil drilling data.

After the dovish speech of the US Federal Reserve Chairman Powell, the gold rose to a nine-month high. On Thursday, some investors took profits and the gold price fell significantly. It opened at 1950.41 and closed at 1912.37.

On Thursday, the United States announced that the number of initial claims for unemployment benefits last week fell to the lowest level in nine months. Despite rising borrowing costs and growing concerns about the economic recession this year, the labor market still showed resilience. The number of people applying for unemployment benefits at the beginning of the week ended January 28 decreased by 3000, to 183000 after seasonal adjustment, which is the lowest level since April 2022; In the fourth quarter, non-farm productivity increased by 3% on a month-on-month basis, the fastest rate in a year, better than the 1.4% increase in the third quarter. The above data performed brilliantly, boosting the dollar index and depressing the trend of gold. On the other hand, the NFP data will be released on Friday. Before the release of the NFP data, the accumulated gold bull profit taking also contributed to a significant decline in gold.

The European Central Bank and the Bank of England discussed interest rates on Thursday; Among them, the European Central Bank raised interest rates by 50 basis points to 2.5%, and Lagarde, the president of the European Central Bank, did not agree that the interest rate increase cycle was approaching the end. The Bank of England also raised interest rates by 50 basis points to 4% as expected, and the increase of interest rates by the European Central Bank and the Bank of England was also bearish for gold.

As mentioned earlier, gold is approaching a historical high, and the profit selling pressure accumulated by bulls will become stronger and stronger. If the good news does not continue, it will lead to selling. In the short term, a large decline in one day can not explain the reversal of the upward trend, but at present, if there is no new focus of positive speculation in the future, the gold price will have limited space to rise and it will be difficult to break through the previous high.

The Mohicans Markets strategy is for reference only and not for investment advice. Please read the statement clauses at the end of the text carefully. The following strategy was updated at 15:00 Beijing time on February 3, 2023.

Intraday Oscillation Range: 1900-1911-1929-1937-1951

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1883-1903-1911-1929-1937-1951-1978-1985

In the subsequent period of spot gold, 1900-1911-1929-1937-1951 can be operated as the bull and bear range; High throw low suction in the range, chase up and kill down outside the range!

Note: The above strategy was updated at 15:00 on February 3. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 22.3-23.1-23.9-24.5-25.3

Overall Oscillation Range: 20.6-21.5-22.3-23.1-23.9-24.5-25.3-26.1

In the subsequent period of spot silver, 22.3-23.1-23.9-24.5-25.3 can be operated as the bull and bear range; High throw and low suction in the range, chase up and kill down outside the range!

Note: The above strategy was updated at 15:00 on February 3. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 75.1-77.9-78.5-79.9-80.70

Overall Oscillation Range: 70.1-71.2-72.3-73.1-73.8-75.1-77.3-78.5-79.9-80.7-82.3-83.5-85.3

In the subsequent period of US crude oil, 75.1-77.9-78.5-79.9-80.70 can be operated as the bull and bear range; High throw and low suction in the range, chase up and kill down outside the range!

Note: The above strategy was updated at 15:00 on February 3. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.0755-1.0830-1.0950-1.1157-1.1220

Overall Oscillation Range: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303

In the subsequent period of EURUSD, 1.0755-1.0830-1.0950-1.1157-1.1220 can be operated as the bull and bear range; High throw and low suction in the range, chase up and kill down outside the range!

Note: The above strategy was updated at 15:00 on February 3. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.2030-1.2135-1.2250-1.2375-1.2400-1.2470

Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.2550

In the subsequent period of GBPUSD, 1.2030-1.2135-1.2250-1.2375-1.2400-1.2470 can be operated as the bull and bear range; High throw and low suction in the range, chase up and kill down outside the range!

Note: The above strategy was updated at 15:00 on February 3. This policy is a daytime policy. Please pay attention to the policy release time.