Mai hui MHmarkets: July 17, 2023-MHM European Perspective

Market Overview 

On Monday (July 17), spot gold fluctuated in a narrow range during the Asian session and is currently trading near $1955.20 per ounce. Last Friday's data showed that U.S. consumer confidence jumped to the highest level in nearly two years, the dollar index rebounded from this year's 15-month low near, so that gold prices continue to be pressured by the 55-day average and 1960 mark and other multiple resistance, short-term gold prices face further retracement risk; but the market is still widely expected that the Fed is close to the end of the tightening cycle, the gold price of the retracement of the space may be limited, the market is still the opportunity for a further move higher.

In addition, China's Q2 GDP data came in weaker than market expectations, which also provided some safe-haven support for gold prices. This trading day need to pay attention to the further impact of the data fermentation.

There is no important economic data during the European and American session, focusing on the G20 finance ministers and central bankers meeting and ECB President Lagarde speech.

U.S. crude oil extended the downtrend on Friday, once refresh the four-day low to $74.31 per barrel. China's Q2 GDP is weaker than the market is expected to suppress the crude oil demand outlook is expected. In addition, Libyan oil fields resumed production over the weekend, increasing supply concerns; in the short term, pay attention to support near 73.52 near the 100 day moving average.

U.S. crude oil last week recorded gains for the third consecutive week, and touched a high since April. Because some Libyan oil fields shut down production, and Shell stopped exporting Nigerian crude oil, resulting in tightening oil market supply.

Of the three fields shut down last Thursday, the Sharara and El Feel fields, with a combined capacity of 370,000 bpd, resumed production on Saturday evening, four Libyan oil engineers and the oil ministry said. The 108 oil fields remain closed.

The scale of Russian oil exports from western ports next month will fall by about 100,000-200,000 bpd from July levels, two sources said on Friday, citing export plans, suggesting that Moscow was making good on its promise to cut production in tandem with major Organization of the Petroleum Exporting Countries (OPEC) nation Saudi Arabia.

Analysts pointed out that on the economic front, stronger-than-expected consumer confidence data released by the U.S. on Friday dampened expectations that the Federal Reserve will end its rate hike cycle at its meeting next week. A rebound in the dollar index also pressured oil prices.

This trading day needs to watch out for further market interpretations of China's economic data, and pay attention to the G20 meeting of finance ministers and central bankers.

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 17, Beijing time.

Intraday Oscillation Range: 1929-1937-1951-1960-1978-1985-1998

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, 1929-1937-1951-1960-1978-1985-1998 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 17. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 23.1-23.9-24.5-25.3-26.1

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, 23.1-23.9-24.5-25.3-26.1 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 17. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 72.3-73.1-73.8-75.1-77.9-78.5-79.9

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, 72.3-73.1-73.8-75.1-77.9-78.5-79.9can 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 17. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.0830-1.0950-1.1157-1.1220-1.1303

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, 1.0830-1.0950-1.1157-1.1220-1.1303 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 17. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.29300-1.30000-1.30600-1.31000-1.31660-132000

Overall Oscillation Range:

1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600-1.31000-1.31660-132000

In the subsequent period of GBPUSD, 1.29300-1.30000-1.30600-1.31000-1.31660-132000 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 17. This policy is a daytime policy. Please pay attention to the policy release time.