Mai hui MHmarkets: July 11, 2023-MHM European Perspective

Market Overview

On Tuesday (July 11), spot gold shocked slightly up during the Asian session and is currently trading near $1929.56 per ounce. Overnight Fed officials spoke dovish, the dollar index continued to weaken, hitting a nearly two-month low. 10-year U.S. bond yields are also away from the nearly eight-month highs, to provide support for gold prices. The possibility of the success of the current gold price bottoming has increased, the market is expected to start a new round of uptrend.

Several Federal Reserve officials said on Monday that the Fed may need to raise interest rates further to reduce still too high inflation, but is getting closer to the end of the monetary policy tightening cycle.

According to CME's Fedwatch, investors see a 94% chance that the Fed will raise interest rates to the 5.25%-5.5% range at its July meeting and leave them unchanged at that level until 2024 when a rate cut may occur.

The focus this week will be on the U.S. Consumer Price Index (CPI), which is due out on Wednesday. According to a Reuters survey, the June core CPI is expected to rise 0.3% month-on-month; the core Consumer Price Index (CPI) is expected to rise 5% year-on-year in June, which is still well above the Fed's target of 2%, which still has gold bulls on the fence.

This trading day will usher in the St. Louis Fed President Bullard and New York Fed President Williams speeches, investors need to pay attention.

U.S. crude traded near $73.34 per barrel; oil prices edged lower on Monday, hitting a one-month high of $74.13 per barrel during the session. Despite being weighed down by the increasing likelihood of a U.S. interest rate hike, the IEA expects the oil market to tighten in the second half of this year as strong demand and OPEC+ production cuts limit price declines.

Intraday focus will be on OPEC Secretary General Argues' speech at the annual oil, gas and energy conference in Abuja, Nigeria, the holding of an informal meeting of EU energy ministers and Fed officials' speeches.

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 11, Beijing time.

Intraday   Oscillation Range: 1903-1911-1929-1937-1951-1960-1978

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, 1903-1911-1929-1937-1951-1960-1978   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 11. 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

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 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 11. This policy is a daytime policy. Please pay attention to the policy   release time.

Intraday   Oscillation Range:70.1-71.2-72.3-73.1-73.8-75.1-77.9

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, 70.1-71.2-72.3-73.1-73.8-75.1-77.9   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 11. This policy is a daytime   policy. Please pay attention to the policy release time.

Intraday Oscillation Range:   1.0830-1.0950-1.1157-1.1220-1.1303

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,   1.0830-1.0950-1.1157-1.1220-1.1303 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 11. This policy is a daytime policy. Please pay attention to the policy   release time.

Intraday Oscillation Range:   1.26505-1.27000-1.28200-1.29300-1.30000

Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600

In the subsequent period of GBPUSD,   1.26505-1.27000-1.28200-1.29300-1.30000

 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   July 11. This policy is a daytime policy. Please pay attention to the policy   release time.