May 17, 2023-MHM European Perspective
Market Overview
On Wednesday (May 17), spot gold oscillated narrowly during the Asian session and is currently trading near $1989.46 per ounce. Speeches by Fed officials continue to dampen expectations of interest rate cuts during the year, with the dollar index and U.S. bond yields moving higher, weighing on gold prices; market fears of a U.S. debt default have also cooled, weakening gold's safe-haven buying demand. Overnight gold prices lost the 2000 mark important support, after the market bias to further down to 55-day average near support at 1968.38.
This trading day, investors need to pay attention to the preliminary annualized U.S. construction permits for April and the annualized U.S. new housing starts for April; Follow the European Central Bank officials' speeches and G7 summit-related news.
U.S. crude oil is trading in a narrow range around $70.39 per barrel. The unexpectedly large increase in API crude inventories has raised demand concerns, and the dollar index rose to a more than one-month high as market expectations for a Fed rate cut in the year have cooled, putting pressure on oil prices. However, market fears of a U.S. debt default have cooled, and the IEA raised its crude oil demand forecast, still attracting some low buying to support oil prices.
This trading day will usher the US EIA crude oil inventory series, which investors need to pay attention to. In addition, watch out for the preliminary annualized U.S. construction permits for April, annualized U.S. new housing starts for April, speeches by ECB officials and news related to the G7 summit.
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 May 17, Beijing time.
Intraday Oscillation Range: 1951-1978-1985-1998-2007-2016-2033
Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100
In the subsequent period of spot gold, 1951-1978-1985-1998-2007-2016-2033 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 May 17. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 21.5-22.3-23.1-23.9-24.5-25.3
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, 21.5-22.3-23.1-23.9-24.5-25.3 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 May 17. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 67.3-68.9-70.1-71.2-72.3-73.1-73.8
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, 67.3-68.9-70.1-71.2-72.3-73.1-73.8 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 May 17. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.0690-1.0755-1.0830-1.0950-1.1157
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, 1.0690-1.0755-1.0830-1.0950-1.1157 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 May 17. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.2375-1.2400-1.2470-1.2550-1.27000
Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.2550-1.27000
In the subsequent period of GBPUSD, 1.2375-1.2400-1.2470-1.2550-1.27000 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 May 17. This policy is a daytime policy. Please pay attention to the policy release time.
