May 22, 2023-MHM European Perspective
Market Overview
On Monday (May 22) , spot gold oscillated slightly lower during the Asian session and is currently trading near $1,975.77 per ounce. Although the impact of the Fed chairman's slightly dovish speech on Friday is still fermenting, the dollar and U.S. bond yields fell, gold prices rebounded sharply on Friday, the resumption of negotiations on the U.S. debt ceiling has weakened safe-haven buying demand, dragging down gold prices; short-term gold prices are slightly oscillating, but if optimism about the debt ceiling negotiations heats up further, gold prices may extend last week's decline.
U.S. crude oil is shaking and weakening, currently trading near $71.00 per barrel. Last week the U.S. debt ceiling negotiations failed to reach an agreement and although they will continue on Monday, there are some concerns in the market that are weighing on oil prices; and U.S. Treasury Yellen's speech about the possible need for more bank mergers is adding to market concerns about a volatile banking crisis.
However, the dollar weakened sharply as Fed Chairman Jerome Powell spoke in a slightly dovish tone, and the Group of Seven (G7) pledged to strictly enforce price caps on Russian energy, which analysts believe could be good for the oil market.
In addition, data on Friday showed that the number of U.S. oil rigs fell by 11 to 575 in the week ended May 19, which was the largest single-week drop since September 2021. The data typically ferments on Monday. The bulls are still left with some chance before losing the 70 handle.
President Biden and House Republican Speaker McCarthy said Sunday that the two sides had a "productive" phone call on Biden's way back to Washington and will then meet on Monday to discuss the debt ceiling.
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 22, Beijing time.
Intraday Oscillation Range: 1937-1951-1978-1985-1998-2007-2016
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, 1937-1951-1978-1985-1998-2007-2016can 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 22. 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
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 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 22.This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1
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, 66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1can 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 22. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.0570-1.0690-1.0755-1.0830-1.0950
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, 1.0570-1.0690-1.0755-1.0830-1.0950 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 22. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.2250-1.2375-1.2400-1.2470-1.2550
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, 1.2250-1.2375-1.2400-1.2470-1.2550 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 22. This policy is a daytime policy. Please pay attention to the policy release time.
