Mai hui MHmarkets: July 19, 2023-MHM European Perspective

Market Overview

On Wednesday (July 19), spot gold shocked slightly lower during the Asian and European sessions and is currently trading in the vicinity of $1975.66 per ounce. The rebound in the U.S. dollar, so that the gold price back to the overnight part of the gains. However, as the market is still widely expected that the Fed will end after July interest rate hikes, gold prices in the overnight surge after the technical surface bullish signals have increased, the market is still clearly biased in favor of the long side.

Reuters poll of economists surveyed also believe that the Fed will raise interest rates by 25 basis points to the 5.25%-5.50% range on July 26, which most believe will be the last rate hike of the current tightening cycle.

The trading day needs to focus on GBP Inflation Rate (JUN), EUR Inflation Rate YoY Final (JUN), USD Housing Starts (JUN) and USD Building Permits Flash (JUN).

U.S. crude oil is narrowly oscillating and currently trading near $75.54 per barrel. Fundamentals are still favoring the bulls as Asian powers pledge to support economic growth, Russian supply tightens and U.S. crude inventories fell last week. And oil prices rebounded after holding the 10-day MA on Tuesday, short-term downside risks have weakened.

According to the Russian Energy Ministry, Russia's oil exports will decrease by 2.1 million tons in the third quarter, in line with the voluntary 500,000 bpd production cut planned for August.

Data data from the American Petroleum Institute (API) showed that U.S. crude oil, gasoline and distillate inventories fell last week, with crude oil inventories down by about 800,000 barrels.

This trading day need to pay attention to the EIA crude oil inventory data, if the data show strong U.S. demand, oil prices are expected to break upward through the resistance near the 200-day MA.

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 19, 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 19. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 23.9-24.5-25.3-26.1-26.6

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, 23.9-24.5-25.3-26.1-26.6 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 19. 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, 72.3-73.1-73.8-75.1-77.9-78.5-79.9 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 19. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.0950-1.1157-1.1220-1.1303-1.13340

Overall Oscillation Range: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340

In the subsequent period of EURUSD, 1.0950-1.1157-1.1220-1.1303-1.13340 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 19. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.27000-1.28200-1.29300-1.30000-1.30600

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, 1.27000-1.28200-1.29300-1.30000-1.30600

 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 19. This policy is a daytime policy. Please pay attention to the policy release time.