MHMarkets:March 10, 2023-MHM European perspective
Market Overview
On Friday (March 10), international gold prices were largely stable, with fluctuations of less than $10. Investors are looking forward to the upcoming U.S. non-farm payrolls report later in the day to predict the Fed's likely path of interest rate hikes. Gold prices will run in the range of $1828 and $1835 in the short term.
On Tuesday (March 7), Federal Reserve Chairman Jerome Powell warned that in order to curb high inflation, not only will continue but not rule out the possibility of re-accelerating interest rate hikes, causing gold prices to plunge 1.8% on the same day. But Thursday's (March 9) release of U.S. initial jobless claims hit a five-month high. Signs of labor market weakness inspired expectations of a modest Fed rate hike and gold prices recovered half of their losses.
U.S. crude oil extended its decline, once hitting a near two-week low near $74.93 per barrel. As traders remain wary of frequent and sharper Fed rate hikes, fears of a global recession have increased and global equities have generally weakened, weighing on oil prices. In the short term, oil prices are biased to fall further towards the lower Bollinger Bands around 73.39.
Investors' attention is now fully focused on the U.S. non-farm payrolls report for February, which will be released at 21:30 GMT. Economists expect U.S. non-farm payrolls to increase by 205,000 in February, which is lower than the previous value of 517,000.
Mohicans Markets 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 March 10, 2023, Beijing time.
Intraday Oscillation Range: 1801-1817-1833-1856-1873
Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1978-1985
In the subsequent period of spot gold, 1801-1817-1833-1856-1873 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 March 10. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 20.1-20.6-21.5-22.3
Overall Oscillation Range: 19.7-20.1--20.6-21.5-22.3-23.1-23.9-24.5-25.3-26.1
In the subsequent period of spot silver, 20.1-20.6-21.5-22.3 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 March 10. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range:73.1-73.8-75.1-77.9
Overall Oscillation Range: 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
In the subsequent period of US crude oil, 73.1-73.8-75.1-77.9 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 March 10. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.0460-1.0570-1.0690-1.0755-1.0830
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, 1.0460-1.0570-1.0690-1.0755-1.0830 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 March 10. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.1830-1.1920-1.2030-1.2135-1.2250
Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.2550
In the subsequent period of GBPUSD, 1.1830-1.1920-1.2030-1.2135-1.2250 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 March 10. This policy is a daytime policy. Please pay attention to the policy release time.
