Mai hui MHmarkets: June 30, 2023-MHM European Perspective

Market Overview

Spot gold traded in a narrow range during Asian hours on Friday (June 30), trading near $1,905.44 an ounce. While bargain hunting helped gold hold above the 1,900 mark, relatively strong U.S. economic data overnight and Fed Chair Powell's reiteration of the rate hike stance still weighed on the precious metal.

Traders await the release of key US inflation data later today, USD PCE Prices (MAY) with core PCE expected to rise 4.7% yoy, well above the Fed's 2% inflation target.

For now, unless core inflation comes in much lower than expected, that will still support further Fed rate hikes, leaving gold at further downside risk.

In addition, we need to pay attention to the performance of USD Personal Spending MoM (MAY),USD Chicago PMI (JUN) and EUR CPI(JUN).

U.S. crude traded in a narrow range, currently trading near $69.75 a barrel, supported by a larger-than-expected drop in EIA crude inventories and stronger than expected U.S. economic data that improved demand expectations, but concerns that rising interest rates could affect global growth kept bulls in check and a volatile rebound in the dollar index to a more than two-week high this week also capped gains.

“Oil traders are still caught between rising interest rates and fears of a global recession, and rising travel demand and shrinking supplies,” said Dennis Kissler, senior vice president of trading at BOK Financial.

This trading day needs to pay attention to the USD Baker Hughes Total Rig Count changes, USD PCE(MAY) and USD Personal Spending MoM (MAY). At the same time, we need to pay attention to the performance of USD Chicago PMI (JUN) and EUR CPI (JUN).

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 June 30, Beijing time.

Intraday Oscillation Range:   1873-1889-1903-1911-1929-1937-1951

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, 1873-1889-1903-1911-1929-1937-1951 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 June 30. 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

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 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 June 30. This policy is a daytime   policy. Please pay attention to the policy release time.

Intraday   Oscillation Range: 67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1

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, 67.3-68.9-70.1-71.2-72.3-73.1-73.8-75.1   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 June 30. 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 June 30. This policy is a daytime policy.   Please pay attention to the policy release time.

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

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 June 30. This policy is a daytime policy.   Please pay attention to the policy release time.