Mai hui MHmarkets: USD is about to touch strong pressure and gold and silver fall below support levels

Market Overview

On Wednesday (August 2), spot gold opened slightly higher after narrowly oscillating during the Asian session, and is currently trading near $1949.49 per ounce. After Fitch downgraded the U.S. credit rating, the U.S. dollar and U.S. Treasury yields fell, once to provide support for the gold price, Asian stock markets generally fell also provided some safe-haven support for the gold price. But there are signs that the U.S. recent economic data is still on the strong, especially the labor market is still relatively tight, which still gives support to the dollar, so that the gold price gains limited.

Fitch said the reasons for the downgrade include the deterioration of the U.S. fiscal position in the next three years, as well as the debt ceiling negotiations on the verge of a deadline situation repeatedly staged, threatening the government's solvency.

However, Fitch downgraded the U.S. rating at the same time is expected to the Federal Reserve will still raise interest rates once in September, this week will also usher in the U.S. non-farm payrolls report for July test, which also makes the bulls have some concerns.

U.S. job openings fell to the fewest in more than two years in June, but remained at levels consistent with tight labor market conditions, data showed Wednesday.

In addition, poor physical demand, but also dampen the morale of the gold bulls, short-term gold prices still have the risk of shock to the downside. The World Gold Council (WGC) said on Tuesday, due to the slowing pace of central bank purchases and the technology industry consumption is still weak, global gold demand in the second quarter of 2023 (excluding over-the-counter transactions) fell 2% year-on-year.

This trading day will usher in the U.S. ADP employment data for July, investors need to focus on, and need to pay attention to Fitch downgrade of the U.S. rating of the further impact of the fermentation.

U.S. crude oil trading near $ 82.16 per barrel, oil prices continued to rise on Tuesday, the disk again refresh the new high since April 17th. Investors are betting that global supply will tighten and demand will grow in the second half of 2023, but because of the strong U.S. dollar oil price gains limited; intraday attention to the EIA data, the morning API shows that crude oil inventories decreased by about 15.4 million barrels, and if the data released later in the day confirms the plunge in inventories, it will be the largest drop since 1982.

Intraday focus will be on USD ADP Employment Change for July and the EIA data.

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 August 2, 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 August 2. 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 August 2. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 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,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 August 2. 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: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340

In the subsequent period of EURUSD, 1.0755-1.0830-1.0950-1.1157-1.1220can 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 August 2. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: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, 1.26505-1.27000-1.28200-1.29300-1.30000 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 August 2. This policy is a daytime policy. Please pay attention to the policy release time.