Mai hui MHmarkets: July 18, 2023-MHM European Perspective

Market Overview

On Tuesday (July 18), spot gold rose slightly during the Asian session and is currently trading near $1959.12 per ounce. Because of the Fed close to the end of the expectations of interest rate hikes gripped the market and the dollar index continued to be under pressure, which provided support for gold prices. And in the previous dollar rebound adjustment, gold prices also resisted the retracement pressure, constantly supported by the low buyers. Technical bullish signals continue, gold prices are expected to run toward the May 24 highs resistance near 1985.13.

It should be reminded that the market may be a bit of a wait-and-see sentiment before next week's Fed resolution, which may limit the short-term gains in gold prices.

In addition, this trading day will usher the USD Retail Sales MoM (JUN), the market is commonly known as the “horror data”. The market is expected to median value of 0.5%, which is expected to be slightly biased in favor of negative gold prices, investors need to pay attention to; in addition, investors need to pay attention to the performance of USD Industrial Production MoM (JUN).

U.S. crude oil is narrowly oscillating and is currently trading near $74.22 per barrel. As two of the three Libyan oilfields closed last week resumed output, which could boost global supply, and the performance of China's Q2 GDP data was weaker than the market expects, depressing the demand outlook. Oil prices extended Friday's downtrend on Monday, with short-term bearish signals increasing and investors needing to beware of further downside risks to oil prices. However, some investors are concerned that U.S. crude supplies could tighten, which could provide some support to oil prices.

Market participants are waiting for industry data to be released on Tuesday, which is expected to show a decline in U.S. crude inventories and product stockpiles last week. Four analysts polled by Reuters estimated, on average, that U.S. crude inventories fell about 2.3 million barrels in the week ended July 14th.

According to data released by the U.S. Energy Information Administration (EIA) on Monday, U.S. shale oil production is expected to fall to nearly 9.4 million barrels per day in August, which would be the first monthly decline since December 2022.

The trading day needs to focus on the API Crude Oil Inventories series, USD Retail Sales MoM (JUN) and USD Industrial Production MoM (JUN). Pay attention to the meeting of G20 finance ministers and central bank governors and news related to the geopolitical situation in Russia and Ukraine.

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 18, 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 18. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 70.1-71.2-72.3-73.1-73.8-75.1-77.9

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, 70.1-71.2-72.3-73.1-73.8-75.1-77.9can 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.0950-1.1157-1.1220-1.1303-1.13340

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, 1.0950-1.1157-1.1220-1.1303-1.13340 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.29300-1.30000-1.30600-1.31000-1.31660-132000

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, 1.29300-1.30000-1.30600-1.31000-1.31660-132000 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 18. This policy is a daytime policy. Please pay attention to the policy release time.