June 2, 2023-MHM European Perspective
Market Overview
On Friday (June 2), spot gold oscillated near a near-week high during the Asian session, and is currently trading at $1980.54 per ounce. Overnight U.S. data overall weaker than market expectations, Fed officials continue to make dovish speeches, the market further cut June rate hike bets, the dollar weakened sharply, providing support to gold prices. Technical bullish signals have strengthened, short term gold prices there are further rebound opportunities, respectively, focus on the resistance near 1988 and 2000 mark.
However, the U.S. Senate passed the debt ceiling bill, essentially eliminating the risk of debt default and slightly depressing safe-haven buying demand for gold, slightly limiting gold price gains.
U.S. crude oil rose slightly and is currently trading near $70.83 per barrel. The U.S. Senate passed the debt ceiling bill, essentially eliminating the risk of debt default and boosting demand expectations. The Federal Reserve's June rate hike expectations cooled and the dollar plunged overnight, also providing support to oil prices. After oil prices surged overnight, short-term bullish signals have increased and there are opportunities for further rallies in the short term.
Investors' attention is now focused on the upcoming June 4 meeting of the Organization of the Petroleum Exporting Countries and other allies such as Russia, or OPEC+.
Four sources from OPEC+ said the organization is unlikely to ramp up production cuts at Sunday's ministerial meeting, despite oil prices falling toward $70 per barrel.
Market eyes focus on the evening U.S. May non-farm payrolls report, the market is expected to non-farm jobs increased by 190,000, the unemployment rate is expected to climb from 3.4% in April to 3.5%, the expectation is slightly more favorable gold prices, investors need to pay attention to the specific performance of the data. Investors also need to pay attention to the revised data for March and April.
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 June 2, Beijing time.
Intraday Oscillation Range: 1929-1937-1951-1978-1985-1998-2007-2016
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, 1929-1937-1951-1978-1985-1998-2007-2016 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 June 2. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 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, 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 June 2. 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, 66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1 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 June 2. 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 June 2. 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 June 2. This policy is a daytime policy. Please pay attention to the policy release time.
