July 28, 2023-MHM European Perspective

Market Overview

Spot gold traded in a narrow range at $1,951.74 per ounce during the Asia period on Friday (July 28). Gold was on track for its biggest weekly drop in five weeks after strong U.S. economic data drove a rally in the dollar and bond yields in a high-rate environment.

From the technical point of view, the short-term bearish signals have strengthened, pay attention to the support around the 1940 mark in the middle of the Bollinger line, if it falls below the support, gold may accelerate the decline, before falling below the 1940 mark, still need to beware of the possibility of bulls picking up the rally.

This session will see USD PCE Data (JUN), a key inflation reading monitored by the Fed, which is expected to slow further, potentially reinforcing expectations that the Fed will end its cycle of rate hikes. That expectation could provide gold with a rebound opportunity that investors need to focus on.

Of course, with recent U.S. economic data relatively strong and oil prices choppy higher, the possibility of a stronger-than-expected PCE surprise in the evening still needs to be guarded.

U.S. crude traded near $79.61 per barrel; Oil prices ended higher on Thursday, with U.S. crude briefly standing above $80 per barrel for the first time since April 20, supported by supply tightness following OPEC+ output cuts and renewed bullish factors on demand and global growth prospects.

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 28, Beijing time.

Intraday Oscillation Range: 1919-1929-1937-1951-1960-1978-1985

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1919-1929-1937-1951-1960-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100

In the subsequent period of spot gold, 1919-1929-1937-1951-1960-1978-1985 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 28. 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 28. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 73.8-75.1-77.9-78.5-79.9-80.7-82.3-83.5-85.3

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, 73.8-75.1-77.9-78.5-79.9-80.7-82.3-83.5-85.3 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 July 28. 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 28. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000

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, 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000 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 28. This policy is a daytime policy. Please pay attention to the policy release time.