Mai hui MHmarkets: July 10, 2023-MHM European Perspective

Market Overview

Spot gold traded near $1,920.50 an ounce in Asia on Monday (July 10). A rebound in the dollar and firmness in the US 10-year Treasury yield have weighed on gold prices, with bulls still widely expected to be given pause by another Fed rate hike in July. Still, last week's weaker-than-expected payrolls report tempered expectations for another rate increase in November. There were also some dovish noises from the ECB that could limit the downside for gold prices.

The market is widely focused on the USD Inflation Rate (JUN) due on Wednesday, with speeches from San Francisco Fed President Daly, Cleveland Fed President Loretta Mester and Atlanta Fed President Raphael Bostic scheduled for this session. Investors need to pay attention. For now, the probability of the speech being slightly more hawkish and slightly bearish for gold is slightly higher.

US crude oil was slightly weaker and currently trading near $73.30/BBL, as weaker than expected Chinese CPI and PPI data for June weighed on the outlook for crude demand, as well as some profit taking by bulls around dual resistance at the Boll line and 100-day moving average. Still, last week's announcement of new output cuts by OPEC+ and sources said OPEC was likely to maintain an upbeat view on oil demand growth next year is expected to continue to support prices.

Also, the number of active US oil RIGS fell by 5 to 540 last week, the lowest since April 2022. The data also tends to support oil prices, the short-term oil market remains bullish.

This trading day, watch out for further interpretation of China's economic data and Fed officials' speeches, as well as further fermentation of rig count changes.

MHMarkets strategy is only for reference and not for investment advice. Please carefully read the statement at the end of the text. The following strategy will be updated at 15:00 on July 10, Beijing time.

Intraday Oscillation Range:   1889-1903-1911-1929-1937-1951-1960

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1960-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100

In   the subsequent period of spot gold, 1889-1903-1911-1929-1937-1951-1960 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 July 10. This policy is a daytime   policy. Please pay attention to the policy release time.

Intraday Oscillation   Range: 21.5-22.3-23.1-23.9

Overall Oscillation   Range: 19.7-20.1-20.6-21.5-22.3-23.1-23.9-24.5-25.3-26.1-26.6-27.3

In   the subsequent period of spot silver, 21.5-22.3-23.1-23.9 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 July 10. This policy is a daytime   policy. Please pay attention to the policy release time.

Intraday   Oscillation Range: 68.9-70.1-71.2-72.3-73.1-73.8-75.1

Overall   Oscillation Range: 62.1-63.7-64.5-65.8-66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1-77.9-78.5-79.9-80.7-82.3-83.5-85.3-87.3-89.1

In   the subsequent period of crude oil, 68.9-70.1-71.2-72.3-73.1-73.8-75.1 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 July 10. 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 July 10. This policy is a daytime policy.   Please pay attention to the policy release time.

Intraday Oscillation Range:   1.25460-1.26505-1.27000-1.28200-1.29300

Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600

In   the subsequent period of GBPUSD, 1.25460-1.26505-1.27000-1.28200-1.29300 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 July 10. This policy is a daytime   policy. Please pay attention to the policy release time.