MHMarkets：Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak! Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak! Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak!

Market Overview

Spot gold fell slightly in Asia on Monday (August 7), trading at $1,936.68 an ounce, pressured by a hawkish price statement from Federal Reserve Governor Ben Bowman on Saturday, which provided momentum for a rebound in the dollar index. From the technical point of view, gold prices still have further downside risks in the afternoon before the double resistance of the top breaking Bollinian mid-track and the 55-day average.

USD Consumer Price Data on Wednesday will be in focus to see if more rate hikes are needed to tame inflation.

Watch for EUR Germany Industrial Production MoM s.a (JUN) this session and watch for further speeches from Fed officials.

U.S. crude's surge was halted, earlier hitting its highest since April 14 at $83.27 a barrel and moving closer to resistance around a near nine-month high of 83.51 hit on April 12, after Saudi Arabia and Russia pledged to extend output cuts for another month to further tighten global markets and support prices. And over the weekend, Saudi Arabia raised the prices it sells crude to the U.S. and Asia, signaling strong demand. For now, however, prices are back near $82.64 / BBL as some bulls take profits around strong resistance.

Saudi Arabia on Thursday extended a voluntary cut of 1 million barrels a day through the end of September and said the cuts could be extended or deepened. Saudi production will be about 9 million barrels a day in September.

Russia said Thursday that oil exports would fall by 300,000 barrels a day in September. In addition, a Russian warship was severely damaged in a Ukrainian navy drone attack on Russia's Black Sea naval base in Novorossiysk last week. The port, which handles 2% of the world's oil supply, has resumed operations.

Also, weekly data from oilfield services company Baker Hughes showed the number of active oil RIGS in the US fell again in the latest week, decreasing by 4 to 525, the lowest since March 2022. That suggested U.S. supply could be cut further, also supporting oil prices.

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 7, Beijing time.

Intraday Oscillation Range: 1903-1919-1929-1937-1951-1960-1977

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1919-1929-1937-1951-1960-1977-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100

In the subsequent period of spot gold, 1903-1919-1929-1937-1951-1960-1977 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 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 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, 22.3-23.1-23.9-24.5-25.3can 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 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 77.9-78.5-79.9-80.7-82.3-83.5-85.3-87.3

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

In the subsequent period of crude oil, 77.9-78.5-79.9-80.7-82.3-83.5-85.3-87.3 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 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range:1.0755-1.0830-1.0950-1.1157-1.1220

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, 1.0755-1.0830-1.0950-1.1157-1.1220can 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 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range:1.2470-1.25460-1.26505-1.27000-1.28200-1.29300

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, 1.2470-1.25460-1.26505-1.27000-1.28200-1.29300 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 7. This policy is a daytime policy. Please pay attention to the policy release time.