Mai hui MHmarkets: July 6, 2023-MHM European Perspective
Market Overview
Spot gold rose slightly and is currently trading near $1919.40 per ounce. International trade tensions have provided some safe-haven support to gold prices. However, the minutes of the Federal Reserve meeting that came out overnight reflected the general view of Fed officials that further rate hikes are still needed, with U.S. bond yields hitting a near four-month high, and gold prices closing lower after being blocked by the 21-day SMA overnight. Technical short-term bearish signals have also increased, with the short term facing the risk of a return to downtrend.
This trading day will usher in the U.S. June ADP employment data, the U.S. initial jobless claims change, the U.S. May JOLTs job openings and the U.S. June ISM non-manufacturing PMI data, investors need to focus on.
Investors also need to watch for news related to Fed officials' speeches and the international trade situation (export controls in large Asian countries).
U.S. crude oil is in a narrow range, currently trading near $71.66 per barrel. Although concerns about the international trade situation have made bulls wary, Saudi Arabia shouted on Wednesday that OPEC+ would take "all necessary measures" to support the market. And early morning data showed a sharp drop in API crude inventories, still giving support to oil prices. Technically, the short term is slightly long, and is expected to further test the upper Bollinger Bands resistance around 72.80.
The EIA crude oil inventory series will be watched this trading day as the data is delayed until today due to the US Independence Day holiday.
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 July 6, Beijing time.
Intraday Oscillation Range: 1873-1889-1903-1911-1929-1937-1951
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, 1873-1889-1903-1911-1929-1937-1951 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 July 6. 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 July 6. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 67.3-68.9-70.1-71.2-72.3-73.1-73.8
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, 67.3-68.9-70.1-71.2-72.3-73.1-73.8 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 July 6. 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 July 6. This policy is a daytime policy. Please pay attention to the policy release time.
Intraday Oscillation Range: 1.2470-1.25460-1.26505-1.27000-1.28200
Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600
In the subsequent period of GBPUSD, 1.2470-1.25460-1.26505-1.27000-1.28200 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 July 6. This policy is a daytime policy. Please pay attention to the policy release time.
