Mai hui MHmarkets: July 24, 2023-MHM European Perspective

Market Overview

Spot gold traded in a narrow range on Monday (July 24) in Asia, currently trading at $1960.55 per ounce. The market is in a wait-and-see mood ahead of the Federal Reserve interest rate decision, but investors need to focus on PMI data for June from European and US countries due on Monday.

Pmis in Europe and the US are now expected to fall below the 50 line that separates expansion from contraction in June, which may provide some safe-haven support for gold prices. But it could also lead to safe-haven buying for the dollar index, which would also weigh on gold prices.

The Fed, ECB and BOJ all meet this week, with decisions announced in the 48 hours between Wednesday and Friday.

Markets have fully priced in 25 basis point rate hikes from the Fed and ECB, so the focus will be on what Fed Chair Powell and ECB President Lagarde have to say about the future.

U.S. crude traded in a narrow range, currently trading near $76.71 an ounce, on prospects of tighter supplies following OPEC+ production cuts and an escalation in fighting in Ukraine after Russia pulled out of a U.N.-brokered grain export deal last week. There are also hopes that Asian powers will implement targeted stimulus measures to prop up flagging economies, which could boost oil demand.

Separately, the number of US oil RIGS drilling fell by seven to 530 as of July 21, the lowest since April 2022 and the most in a week since early June, data from Baker Hughes Oil Services Co showed on Thursday. This means that U.S. production will continue to fall, which is also positive for oil prices, which are expected to hold above the 200-day average of 76.70.

In the short term, fundamentals are expected to support continued higher oil prices. However, there may be some wait-and-see sentiment ahead of this week's Fed rate decision, and the dollar index continued to rally last week, keeping bulls in suspense.

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 24, 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 24. 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 24. 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 24. 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: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340

In the subsequent period of EURUSD, 1.0830-1.0950-1.1157-1.1220-1.1303can 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 24. 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 24. This policy is a daytime policy. Please pay attention to the policy release time.