Mai hui MHmarkets: August 1, 2023-MHM European Perspective

Market Overview

On Tuesday (August 1), spot gold shocked slightly lower during the Asian session, and is currently trading near at $1959.20 per ounce. Because the U.S. economic data is expected to remain strong, the market on the Federal Reserve in November, another interest rate hike is expected to pick up, the U.S. dollar index held firm near the nearly three-week high, so that the price of gold under pressure. In the short term, gold prices still have some downside risk in the market, and may probe the lower Bollinger Bands support near 1943.76.

This trading day will usher in the USD ISM Manufacturing PMI (JUL), USD JOLTs Job Openings (JUN), and Chicago Fed President Goolsbee Speech, investors need to focus on.

U.S. crude oil is trading near $81.50 per barrel after narrowly oscillating at high levels. Although the dollar continues to rebound, putting oil prices under slight pressure, they are still holding near the nearly three-and-a-half month highs set overnight. Signs of tightening global supply and growing demand for the rest of the year continue to support oil prices, which are still expected to oscillate to the upside in the short term, and continue to focus on the year's highs near 83.51 resistance.

Oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell in July as additional voluntary cuts by Saudi Arabia as part of the OPEC+ group of producers' latest market-supporting deal and the suspension of exports from a Nigerian port capped supplies, a survey released Monday showed.

The survey found that OPEC's oil production was 27.34 million barrel per day in July, which was down 840,000 barrel per day from June. This is the lowest level since September 2021, according to the survey.

Analysts at National Australia Bank (NAB) said in a report on Tuesday, “In our view, oil prices are on track to touch price highs in 2023. The Organization of the Petroleum Exporting Countries (OPEC) meeting this Friday could be a catalyst for the oil price outlook, and we expect Saudi Arabia's voluntary production cuts to be extended for another month.”

Analysts expect Saudi Arabia to extend its voluntary oil production cut of 1 million barrels per day for another month to include September, providing more support to the market at a virtual meeting with other major producers on Friday.

U.S. supplies of crude oil and petroleum products rose to 20.78 million barrels per day in May, which was the highest level since August 2019, before the COVID-19 pandemic led to a sharp drop in global energy demand, a measure of demand, according to data released Monday by the U.S. Energy Information Administration (EIA).

Product availability of finished motor gasoline increased to 9.11 million barrel per day in May, which was the highest level since June 2022.

U.S. crude oil and gasoline inventories are expected to have declined last week, with the average estimate for the week ended July 28 showing a drop of about 900,000 barrels in crude inventories, a Reuters poll showed.

This trading day will usher in the API crude oil inventory series data, USD ISM Manufacturing PMI (JUL), USD JOLTs Job Openings (JUN), and Chicago Fed President Goolsbee Speech, investors need to focus on.

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 1, Beijing time.

Intraday Oscillation Range: 1919-1929-1937-1951-1960-1978-1985

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1919-1929-1937-1951-1960-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100

In the subsequent period of spot gold, 1919-1929-1937-1951-1960-1978-1985 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 1. 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 August 1. 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

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 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 1. 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: 1.0290-1.0360-1.0460-1.0570-1.0690-1.0755-1.0830-1.0950-1.1157-1.1220-1.1303-1.13340

In the subsequent period of EURUSD, 1.0830-1.0950-1.1157-1.1220-1.1303can 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 1. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range:1.26505-1.27000-1.28200-1.29300-1.30000

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, 1.26505-1.27000-1.28200-1.29300-1.30000 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 1. This policy is a daytime policy. Please pay attention to the policy release time.