May 18, 2023-MHM European Perspective
Market Overview
On Thursday (May 18) , spot gold shock slightly down during the Asian session , and is currently trading near $1978.41 per ounce. Recent U.S. data is stronger than expected by the market, the Fed officials speak to the hawkish, the market on the Fed to cut interest rates during the year is expected to cool, the dollar index continued to rise, forming a pressure on gold prices; and the U.S. debt ceiling agreement is expected to heat up, the market risk aversion cooling, but also reduce the attractiveness of gold. Short-term gold prices face further downside risk.
U.S. crude oil is in a narrow range, and is currently trading near $72.69 per barrel, holding most of its overnight gains. Oil prices jumped nearly 3% on Wednesday, mainly because market concerns about a U.S. debt default cooled and market expectations for demand improved, overshadowing the impact of an unexpectedly large increase in EIA crude inventories.
Also, Russian President Vladimir Putin's speech on Wednesday boosted the morale of bulls. Putin said Wednesday that Russia's pledge to cut crude production is aimed at supporting global oil prices and that "in general, the situation is absolutely stable."
This trading day, investors need to pay attention to the change in the number of U.S. initial jobless claims and the performance of the annualized total of U.S. home sales in April. Watch for speeches by Fed Governors Jefferson and Barr, and Dallas Fed President Logan.
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 18, 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 18. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 70.1-71.2-72.3-73.1-73.8-75.1-77.9
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, 70.1-71.2-72.3-73.1-73.8-75.1-77.9 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 May 18. 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 18. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.
