May 31, 2023-MHM European Perspective

Market Overview

On Wednesday (May 31), spot gold narrowly oscillating during the Asian session, and is currently trading near $1963.10 per ounce. U.S. bond yields continued to weaken to a new low of more than a week, providing support to gold prices, but supported by the market's expectations of the Federal Reserve rate hike in June, the dollar support to maintain the strength, so that the gold price gains are limited.

However, legislation brokered by President Joe Biden and House Speaker John McCarthy, aimed at suspending the $31.4 trillion debt ceiling and achieving new reductions in federal spending, has crossed an important hurdle late Tuesday night, advancing to the full House of Representatives for debate and is expected to be voted on Wednesday. Investors need to pay attention to this factor, which is slightly likely to weigh on gold prices.

U.S. crude traded near $69.61 per barrel; oil prices plunged nearly 5% on Tuesday, which was the biggest one-day drop since May 2. Concerns over whether the U.S. Congress will pass the U.S. debt ceiling deal and conflicting messages from major oil producers clouded the supply outlook ahead of this weekend's OPEC+ meeting.

Intraday focus on U.S. House vote on debt ceiling deal, U.S. JOLTs job openings in April, and Fed officials' speeches; API data due Thursday at 4:30.

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 May 31, Beijing time.

Intraday Oscillation Range:   1929-1937-1951-1978-1985-1998-2007-2016

Overall Oscillation Range:   1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1978-1985-1998-2007-2016-2033-2046-2057-2066-2077-2089-2097-2100

In the subsequent period of spot   gold, 1929-1937-1951-1978-1985-1998-2007-2016 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 May 31. 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, 22.3-23.1-23.9-24.5-25.3 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 May 31. This policy is a daytime   policy. Please pay attention to the policy release time.

Intraday   Oscillation Range: 65.8-66.9-67.3-68.9-70.1-71.2-72.3-73.1

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, 65.8-66.9-67.3-68.9-70.1-71.2-72.3-73.1   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 May 31. This policy is a daytime policy.   Please pay attention to the policy release time.

Intraday Oscillation Range:   1.0460-1.0570-1.0690-1.0755-1.0830

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, 1.0460-1.0570-1.0690-1.0755-1.0830 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 May 31. This policy is a daytime policy. Please   pay attention to the policy release time.

Intraday Oscillation Range:   1.2135-1.2250-1.2375-1.2400-1.2470

Overall Oscillation Range:   1.1610-1.1830-1.1920-1.2030-1.2135-1.2250-1.2375-1.2400-1.2470-1.2550-1.27000

In   the subsequent period of GBPUSD, 1.2135-1.2250-1.2375-1.2400-1.2470 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 May 31. This policy is a daytime policy.   Please pay attention to the policy release time.