May 15, 2023-MHM European Perspective

Market Overview

Spot gold rose slightly during the Asian session on Monday (May 15) and is currently trading near $2016 per ounce. Fears of a U.S. debt default and worries about a global recession are providing safe-haven support to gold prices.

U.S. President Joe Biden said Sunday he is expected to meet with congressional leaders on Tuesday for talks on a plan to raise the government's debt ceiling and avoid a catastrophic default.

However, the dollar index rallied strongly last week to a nearly one-month high. It held on to most of last week's gains on Monday as risk aversion also increased the dollar's appeal. The dollar's strength is giving gold bulls pause.

Two Federal Reserve officials said on Friday that the Fed is bringing interest rates closer to the level needed to win the battle against inflation, though neither made clear whether they thought rates had reached that level.

Investors need to continue to pay attention to the news related to the U.S. debt ceiling negotiations. Pay attention to the U.S. May New York Fed manufacturing index and Fed officials speeches, Atlanta Fed President Bostic, Chicago Fed President Goolsby, Minneapolis Fed President Kashkari, Richmond Fed President Balkin will speak in this trading day.

US crude oil fluctuated slightly, hitting a low of over a week and reaching around $69.39 per barrel. Concerns about fuel demand from the world's largest oil consumer, the U.S., and large Asian countries offset optimism about any OPEC+ production cuts and a supply crunch due to the resumption of U.S. crude purchases to increase reserves.

Markets will be watching debt ceiling negotiations in the U.S., where the impasse over raising the federal government's $31.4 trillion borrowing limit is fueling concerns about the global economy. A new non-partisan congressional report notes that there is a “significant risk” of a historic default within the first two weeks of June.

In addition, the market will be watching Chinese data due out this week, including industrial output, fixed asset investment and total retail sales of consumer goods, for signs of improving oil demand.

It should be noted that Iraqi Oil Minister Abdul Ghani said that Iraq does not believe OPEC+ will cut oil output further at its next meeting in June.

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 15, Beijing  

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 15. 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 15. 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 15. 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 15. 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 15. This policy is a daytime policy.   Please pay attention to the policy release time