Mohicans markets：MHM European Market

Market Overview

During the Asian session on Tuesday (March 7), spot gold oscillated narrowly and is currently trading around $1848.5 per ounce. Investors are generally concerned about the evening Federal Reserve Chairman Powell's congressional testimony, the market wait-and-see mood is strong.

Analysts expect that Powell's testimony is likely to be very concise, with the core likely to be the phrase: “The risk of doing too little is far greater than the risk of doing too much.”

However, even though Powell may be “grilled” about the outlook for monetary policy at the hearing, some economists predict that Powell is unlikely to make any definitive statements about interest rate trends, as February Non-farm payrolls, CPI and retail sales data will be released after his hearing and before the March rate meeting.

Citi believes that Powell will not provide clear guidance at the hearing. Instead, he is expected to keep all options open, but will express a preference for a 25 basis point rate hike.

If Powell's speech in the evening is not particularly hawkish, gold prices are expected to continue last week's rally; conversely, if Powell has any hints about maintaining high interest rate levels for a longer period of time or unexpectedly mentions the hint of accelerating the pace of rate hikes again, gold prices will face some downside risk.

U.S. crude oil is shaking slightly higher and is currently trading at $80.62 per barrel, holding most of its overnight gains. This comes after industry executives expressed concerns about limited idle capacity in the market and uncertainty over Russian supply, while demand from China, the largest crude importer, is recovering. This comes as oil prices have risen for five consecutive trading days, with bullish technical signals extending and further tests of resistance around the top of the box that has been widely oscillating since late November at 83.31 expected.

Vivek Dhar, an analyst at Commonwealth Bank of Australia (CBA), said in a report that “supply doubts drove oil prices higher overnight, probably because Chevron's CEO said there was 'not much spare capacity' in the oil market. The key unknown for 2023 will be Russian oil and refined products exports are being blocked.”

Chevron CEO Mike Wirth said ships carrying Russian crude and oil products must now travel greater distances to reach markets not subject to sanctions, however, limited oil stocks and surplus supplies make the global market vulnerable to any unexpected disruptions in supply.

This trading day needs to focus on Fed Chairman Powell's congressional testimony and the U.S. API crude oil inventory data series.

Mohicans Markets 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 March 7, 2023, Beijing time.

Intraday Oscillation Range: 1801-1817-1833-1856-1873

Overall Oscillation Range: 1730-1756-1780-1801-1817-1833-1856-1873-1889-1903-1911-1929-1937-1951-1978-1985

In the subsequent period of spot gold, 1801-1817-1833-1856-1873 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 March 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 20.1-20.6-21.5-22.3

Overall Oscillation Range: 19.7-20.1--20.6-21.5-22.3-23.1-23.9-24.5-25.3-26.1

In the subsequent period of spot silver, 20.1-20.6-21.5-22.3 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 March 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range:75.1-77.9-78.5-79.9-80.7-82.3

Overall Oscillation Range: 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

In the subsequent period of US crude oil, 75.1-77.9-78.5-79.9-80.7-82.3 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 March 7. 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 March 7. This policy is a daytime policy. Please pay attention to the policy release time.

Intraday Oscillation Range: 1.1830-1.1920-1.2030-1.2135-1.2250

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

In the subsequent period of GBPUSD, 1.1830-1.1920-1.2030-1.2135-1.2250 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 March 7. This policy is a daytime policy. Please pay attention to the policy release time.