MHMarkets：The U.S. dollar continues to weaken slightly, non-U.S. currencies and precious metals slightly strengthen, and U.S. crude oil has a daily cross!
Zusammenfassung：On Tuesday (August 29), spot gold rose slightly during the Asian session and is currently trading near $1924.11 per ounce. Although the market has raised expectations for the Fed to raise interest rates in November, it is still widely expected that current interest rates will remain unchanged in September.
Market Overview
On Tuesday (August 29), spot gold rose slightly during the Asian session and is currently trading near $1924.11 per ounce. Although the market has raised expectations for the Fed to raise interest rates in November, it is still widely expected that current interest rates will remain unchanged in September. The dollar and U.S. Treasury yields have retreated from recent highs, providing support to gold prices. In addition, there have been some mid to long term bargain hunting in the market, which has also provided rebound momentum for gold prices.
Record levels of government debt, geopolitical tensions that threaten to splinter the global trading system, and the possibility of continued weak productivity growth could leave the world facing a slow-growth future, hindering development in some countries even before it begins. This provides safe-haven support for gold prices.
The latest data showed that the world's largest Gold ETF, SPDR, increased its positions by 2.6 tons to 886.64 tons, which was the first increase since August 17, although it is still near its lowest level since January 2020.
Key inflation and employment data will be released in the U.S. this week, focusing on the U.S. PCE price index out on Thursday and U.S. August non-farm payrolls released on Friday, which could determine the outlook for interest rates. This trading day will usher in the U.S. job openings data, and the market expects job openings to decrease, which is slightly biased towards bullish gold prices.
U.S. crude oil traded near $80 per barrel. Oil prices remained stable on Monday, weighed down by concerns that further interest rate hikes in the United States may suppress demand, but supply disruptions from tropical storms along the US Gulf Coast may provide support.
Intraday focus will be on USD CB Consumer Confidence (AUG), USD JOLTs Job Openings (JUL) and API data to be released at 4:30 on Wednesday.
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 August 29, Beijing time.
·Gold XAUUSD· | |
High Probability Scenario | High throw and low suction in the 1892-1903-1919-1931-1945-1951-1960 range |
Low Probability Scenario | Chase up and kill down outside the 1892-1903-1919-1931-1945-1951-1960 range |
 Intraday Oscillation Range: 1892-1903-1919-1931-1945-1951-1960 Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1892-1903-1919-1931-1945-1951-1960-1977-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100 In the subsequent period of spot gold, 1892-1903-1919-1931-1945-1951-1960 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 August 29. This policy is a daytime policy. Please pay attention to the policy release time. | |
·Silver XAGUSD· | |
High Probability Scenario | High throw and low suction in the 23.1-23.9-24.5-25.3-26.1 range |
Low Probability Scenario | Chase up and kill down outside the 23.1-23.9-24.5-25.3-26.1 range |
 Intraday Oscillation Range: 23.1-23.9-24.5-25.3-26.1 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, 23.1-23.9-24.5-25.3-26.1 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 August 29. This policy is a daytime policy. Please pay attention to the policy release time. | |
·Crude Oil USOUSD· | |
High Probability Scenario | High throw and low suction in the 75.1-77.9-78.5-79.9-80.7-82.3-83.5 range |
Low Probability Scenario | Chase up and kill down outside the 75.1-77.9-78.5-79.9-80.7-82.3-83.5 range |
 Intraday Oscillation Range: 75.1-77.9-78.5-79.9-80.7-82.3-83.5 Overall Oscillation Range: 62.1-63.7-64.5-65.8-66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1-77.9-78.5-79.9-80.7-82.3-83.5-85.3-87.3-89.1-90.7 In the subsequent period of crude oil, 75.1-77.9-78.5-79.9-80.7-82.3-83.5 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 August 29. This policy is a daytime policy. Please pay attention to the policy release time. | |
·EURUSD· | |
High Probability Scenario | High throw and low suction in the 1.0570-1.0690-1.0755-1.0830-1.0950 range |
Low Probability Scenario | Chase up and kill down outside the 1.0570-1.0690-1.0755-1.0830-1.0950 range |
 Intraday Oscillation Range: 1.0570-1.0690-1.0755-1.0830-1.0950 Overall Oscillation Range: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340 In the subsequent period of EURUSD, 1.0570-1.0690-1.0755-1.0830-1.0950 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 August 29. This policy is a daytime policy. Please pay attention to the policy release time. | |
·GBPUSD· | |
High Probability Scenario | High throw and low suction in the 1.2470-1.25460-1.26505-1.27000-1.28200 range |
Low Probability Scenario | Chase up and kill down outside the 1.2470-1.25460-1.26505-1.27000-1.28200 range |
 Intraday Oscillation Range: 1.2470-1.25460-1.26505-1.27000-1.28200 Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600-1.31000-1.31660-132000 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 August 29. This policy is a daytime policy. Please pay attention to the policy release time. | |
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