July 13, 2023-MHM European Perspective

Market Overview

Spot gold fluctuated at high levels in Asia on Thursday (July 13), trading around $1,957.53 an ounce. The dollar index and Treasury yields fell sharply this week after Federal Reserve officials signaled that the Fed was nearing the end of its rate hike cycle and June CPI data supported that view. It helped gold hit a new high since June 16 near 1962.18, but this position is right at the 55-day average and 38.2% of the 2079-1892 decline. Moreover, the Fed is still widely expected to raise interest rates again in July, and gold faces some pullback risk in the short term.

This session will focus on USD PPI (JUN)and Initial Jobless Claims (JUN), as well as Fed officials' speeches. If the data is weaker than expected, gold is expected to break through the above strong resistance and rise further above the 1980 mark.

Us crude traded near $75.81 a barrel; Oil prices settled higher on Wednesday, hitting a two-month high of $76.10 a barrel above the $75 mark at the U.S. pump and Brent above $80 a barrel for the first time since May, as U.S. inflation data fueled hopes that the Fed may reduce the number of further interest rate hikes.

The day focuses on the IEA monthly report, OPEC monthly report, and USD Initial Jobless Claims (JUL/08).

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 July 13, Beijing time.

Intraday Oscillation Range: 1929-1937-1951-1960-1978-1985-1998

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, 1929-1937-1951-1960-1978-1985-1998 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 July 13. This policy is a daytime policy. Please pay attention to the policy release time.

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 July 13. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 72.3-73.1-73.8-75.1-77.9-78.5-79.9

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, 72.3-73.1-73.8-75.1-77.9-78.5-79.9can 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 July 13. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.0830-1.0950-1.1157-1.1220-1.1303

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, 1.0830-1.0950-1.1157-1.1220-1.1303 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 July 13. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.27000-1.28200-1.29300-1.30000-1.30600

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, 1.27000-1.28200-1.29300-1.30000-1.30600 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 July 13. This policy is a daytime policy. Please pay attention to the policy release time.