May 16, 2023-MHM European Perspective

Market Overview

Spot gold was narrowly oscillating during the Asian session on Tuesday (May 16) and is currently trading near $2015.11 per ounce. The market is generally waiting for the debt ceiling negotiation between President Biden and Republican House Speaker McCarthy later in the day, and the market is in a wait-and-see mood. Previous concerns about debt default to gold prices to provide safe-haven support, but the current market optimism that the U.S. may reach a debt ceiling agreement has risen, which puts gold prices at some downside risk in the short term.

In addition, a number of Federal Reserve officials downplayed the expected rate cuts during the year, but also slightly negative gold prices.

This trading day will usher the U.S. monthly rate of retail sales in April, the market is expected to 0.7% (previously 0.1%), the expected slightly more favorable dollar and negative gold prices.

This trading day will also usher in a number of Federal Reserve officials to speak, the U.S. Senate Banking Committee will also hold hearings on the bankruptcy of Silicon Valley Bank and Signature Bank, investors need to pay attention to.

U.S. crude oil is in a narrow range and is currently trading near $70.95 per barrel. Oil prices are supported by news of the U.S. announcement to buy back oil for the emergency Strategic Petroleum Reserve, supply concerns exacerbated by raging wildfires in Canada, and market expectations that the U.S. will reach a debt ceiling deal have also risen, providing support to oil prices. However, with Fed officials speaking in hawkish terms, dampening expectations for interest rate cuts during the year, and the relative strength of the dollar index, it is still important to beware of the risk of oil prices returning to a downward trend.

This trading day, please focus on the U.S. API crude oil inventory series, the U.S. April monthly rate of retail sales, the U.S. April monthly rate of industrial output, Fed officials' speeches and the U.S. debt ceiling negotiations.

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 May 16, Beijing time.

Intraday Oscillation Range: 1978-1985-1998-2007-2016-2033-2046-2057

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, 1978-1985-1998-2007-2016-2033-2046-2057 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 May 16. This policy is a daytime policy.   Please pay attention to the policy release time.

Intraday Oscillation   Range: 21.5-22.3-23.1-23.9-24.5-25.3

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, 21.5-22.3-23.1-23.9-24.5-25.3 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 May 16. 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 May 16. 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 May 16. 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 May 16. This policy is a daytime policy.   Please pay attention to the policy release time.