Mai hui MHmarkets: June 28, 2023-MHM European Perspective
Market Overview
Spot gold traded in a narrow range during Asian hours on Wednesday (June 28), currently trading near $1,915.78 an ounce. Bullish U.S. economic reports that made a strong case for higher interest rates weighed on gold prices, though traders awaited hints from Fed Chair Powell and more economic data to determine the path of future rate hikes.
Us consumer confidence rose in June on optimism in the Labour market, while new home sales rose more than expected in May, leading to expectations that the Federal Reserve will need to keep raising interest rates to bring inflation down to its 2 per cent target. Gold prices briefly touched the 1,910 mark after the overnight data.
Investors are pricing in a 77% chance of a rate increase in July, according to CME's Fedwatch tool, with cuts expected to start in March 2024.
Investors will be closely watching Thursday's release of the personal consumption expenditures (PCE) price index for May, the final reading on first-quarter GDP and initial jobless claims for the week ended June 23. The core PCE price index is expected to be unchanged at 0.4%.
Investors need to focus on Fed Chair Powell, who will speak at 21:30 on Wednesday during a policy panel at the ECB Central Banking Forum in Sintra.
Us crude oil traded in a narrow range, currently trading near $67.93 / BBL. API data showed a larger than expected decline in US crude and gasoline inventories, providing support to oil prices. However, there are signals that central banks may not be finished raising interest rates, and there is still a need for further rate hikes from the Federal Reserve, European Central Bank and Bank of England, which may increase the risk of recession. In turn, crude oil demand is depressed, oil prices still have further downside risks.
Watch for EIA crude oil inventory data this session for a better gauge of fuel consumption during the peak summer driving season in the United States. Also, speeches from Fed Chair Powell and US President Joe Biden need to be watched.
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 28, Beijing time.
Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1960-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100
In the subsequent period of spot gold, 1889-1903-1911-1929-1937-1951-1960 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 28. 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
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 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 28. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 65.8-66.9-67.3-68.9-70.1-71.2-72.3
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, 65.8-66.9-67.3-68.9-70.1-71.2-72.3 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 28. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.0755-1.0830-1.0950-1.1157-1.1220
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, 1.0755-1.0830-1.0950-1.1157-1.1220 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 28. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.25000-1.27000-1.28200-1.29300-1.30000
Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25000-1.27000-1.28200-1.29300-1.30000-1.30600
In the subsequent period of GBPUSD, 1.25000-1.27000-1.28200-1.29300-1.30000 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 28. This policy is a daytime policy. Please pay attention to the policy release time.
