Mai hui MHmarkets: July 20, 2023-MHM European Perspective

Market Overview

On Thursday (July 20), spot gold shocked higher during the Asian session, once hit a nearly two-month high to $1987.34 per ounce. Because the market on the Fed rate hike is coming to an end and inflation has slowed down very confident, the dollar index is again under pressure, to the gold price to provide the opportunity to punch higher; and Russia's withdrawal from the Black Sea grain export agreement also increased some risk aversion, the ECB officials made dovish speeches, Britain's inflation data is weaker than expected, means that the ECB and the BOE may also be close to the end of the interest rate hike cycle, but also give bias to support the price of gold. However, resistance is strong around 1986, and gold prices are currently back down near $1981.33 per ounce.

Market eyes have begun to turn to next week's Federal Reserve meeting, despite the probability of a 25 basis point interest rate hike, but it is expected to be the last interest rate hike, and the wording of the dovish possibility is relatively large.

Before next week's Fed meeting, traders will be concerned about the evening will come out of the U.S. Initial Jobless Claims change data, the data is expected to rise from the previous week's 237,000 people to 242,000 people, the expectations are slightly biased in favor of gold prices.

However, the U.S. dollar index showed some signs of stabilization rebound, if the continuation of the rebound trend, perhaps will suppress the gold price trend; and the U.S. stock market continues to rush high, also slightly suppress the gold safe-haven buying demand.

U.S. crude oil traded near $75.21 a barrel; oil prices rallied on Wednesday as investors took profits after earlier gains on tight U.S. crude supplies, and a weaker-than-expected drop in U.S. crude stockpiles last week in the Strategic Petroleum Reserve last week limited gains despite the first increase in U.S. crude stockpiles in the Strategic Petroleum Reserve in two years.

Tip: NYMEX New York crude oil August futures are affected by the shift for the month, the last trading on the floor will be completed at 2:30 on July 21 and the last trading on the electronic market will be completed at 5:00 am; please pay attention to the expiration for the month announcement on the trading floor to control the risk. In addition, U.S. oil contract expiration time on some trading platforms is usually one day earlier than the official NYMEX, please pay more attention.

Intraday focus on U.S. initial jobless claims for the week ending July 15 and the G20 energy ministers meeting.

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 20, Beijing time.

Intraday Oscillation Range: 1951-1960-1978-1985-1998-2007-2016

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, 1951-1960-1978-1985-1998-2007-2016 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 20. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 23.9-24.5-25.3-26.1-26.6

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, 23.9-24.5-25.3-26.1-26.6 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 20. 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, 72.3-73.1-73.8-75.1-77.9-78.5-79.9 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 July 20. 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 20. 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: 1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.25460-1.26505-1.27000-1.28200-1.29300-1.30000-1.30600-1.31000-1.31660-132000

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