June 6, 2023-MHM European Perspective
Market Overview
On Tuesday (June 6), spot gold narrowly oscillated, and is currently trading at $1958.53 per ounce during the Asian session. Overnight U.S. ISM non-manufacturing PMI data performed worse than expected, the market further strengthened the Fed's expectations of suspending interest rate hikes in June, the dollar index under pressure, providing support to gold prices. However, the U.S. continued to rise after the risk of a U.S. debt default was ruled out, also depressing the safe-haven demand for gold, making the bulls wary.
U.S. crude oil is slightly weaker and is currently trading near $71.30 per barrel. Although Saudi Arabia cut production by an additional 1 million barrels last weekend, helping oil prices jump, it has now given back all of its gains. The poor performance of the U.S. non-manufacturing PMI data out overnight has raised market fears of a recession, creating a drag on oil prices. The market expects an increase in U.S. crude oil inventories last week, which also makes the bulls wary.
However, market expectations for a U.S. interest rate hike in June cooled, the dollar index weakened, and U.S. stocks remained relatively strong, which was still expected to provide support to oil prices.
The EIA monthly crude oil market report will be released this trading day and investors need to pay attention to it. Also, watch out for the performance of the API crude oil inventory series. There will be relatively little economic data this session, so watch out for changes in market expectations for the Fed's June rate hike. Also watch out for news related to the geopolitical situation.
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 6, Beijing time.
Intraday Oscillation Range: 1903-1911-1929-1937-1951-1978-1985-1998
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, 1903-1911-1929-1937-1951-1978-1985-1998 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 6. 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 6. 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 6. 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 June 6. 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 June 6. This policy is a daytime policy. Please pay attention to the policy release time.
