MHMarkets：The dollar gradually strengthened, silver began to turn weaker, and U.S. crude oil was in a small range with a fierce battle between the bulls and the whites!

MH Markets | 2023-08-31 17:34

Zusammenfassung：On Thursday (August 31), spot gold fluctuated in a narrow range during the Asian session, and is currently trading near $1945.21 per ounce. The weak US economic data has deepened expectations that the Fed will temporarily suspend interest rate hikes this year, causing the US dollar index to hit a nearly two-week low near 102.92 on Wednesday and helping gold prices hit a nearly month high of $1948.90 per ounce on Wednesday.

Market Overview

On Thursday (August 31), spot gold fluctuated in a narrow range during the Asian session, and is currently trading near $1945.21 per ounce. The weak US economic data has deepened expectations that the Fed will temporarily suspend interest rate hikes this year, causing the US dollar index to hit a nearly two-week low near 102.92 on Wednesday and helping gold prices hit a nearly month high of $1948.90 per ounce on Wednesday.

US crude oil fluctuated in a narrow range and is currently trading near $81.63 per barrel. The latest PMI data for China's manufacturing industry in August slightly exceeded market expectations, cooling market concerns about demand. In addition, this week's US data has dampened expectations for further interest rate hikes by the Federal Reserve, and EIA crude oil inventories have significantly decreased. Russia has stated that it cannot rule out the possibility of further cuts in oil exports in October. Saudi Arabia may extend its production reduction plan until October, and there is still a chance for further short-term oil price increases.

Of course, the evening will also release the U.S. initial jobless claims data, and the Fed officials will also speak, so investors also need to pay attention. If the initial claims data is poor, it may depress investors' expectations of the U.S. job market, which will still be expected to provide support for gold prices.

In addition, investors should also pay attention to the BoE officials' speeches, ECB minutes and news related to the geopolitical situation.

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 31, Beijing time.

·Gold XAUUSD·
High Probability Scenario					High throw and low suction in the 1903-1919-1931-1945-1951-1960-1977 range
Low Probability Scenario					Chase up and kill down outside the 1903-1919-1931-1945-1951-1960-1977 range
Intraday Oscillation Range: 1903-1919-1931-1945-1951-1960-1977 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, 1903-1919-1931-1945-1951-1960-1977 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 31. 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 23.9-24.5-25.3-26.1-26.6 range
Low Probability Scenario	Chase up and kill down outside the 23.9-24.5-25.3-26.1-26.6 range
Intraday Oscillation Range: 23.9-24.5-25.3-26.1-26.6 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, 23.9-24.5-25.3-26.1-26.6 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 31. 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 77.9-78.5-79.9-80.7-82.3-83.5-85.3 range
Low Probability Scenario			Chase up and kill down outside the 77.9-78.5-79.9-80.7-82.3-83.5-85.3 range
Intraday Oscillation Range: 77.9-78.5-79.9-80.7-82.3-83.5-85.3 Overall Oscillation Range: 62.1-63.7-64.5-65.8-66.9-67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1-77.9-78.5-79.9-80.7-82.3-83.5-85.3-87.3-89.1-90.7 In the subsequent period of crude oil, 77.9-78.5-79.9-80.7-82.3-83.5-85.3 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 August 31. 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 1.0690-1.0755-1.0830-1.0950-1.1157 range
Low Probability Scenario		Chase up and kill down outside the 1.0690-1.0755-1.0830-1.0950-1.1157 range
Intraday Oscillation Range: 1.0690-1.0755-1.0830-1.0950-1.1157 Overall Oscillation Range: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340 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 August 31. 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 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000 range
Low Probability Scenario				Chase up and kill down outside the 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000 range
Intraday Oscillation Range: 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000 Overall Oscillation Range: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600-1.31000-1.31660-132000 In the subsequent period of GBPUSD, 1.25460-1.26505-1.27000-1.28200-1.29300-1.30000 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 August 31. This policy is a daytime policy. Please pay attention to the policy release time.