Mai hui MHmarkets: July 31, 2023-MHM European Perspective

Market Overview

Spot gold weakened slightly during the Asian session on Monday (July 31), and is currently trading near $1954.15 per ounce. Although U.S. inflation growth has slowed, it is still above the Federal Reserve's 2% target. Market expectations for the U.S. to raise interest rates by another 25 basis points in November has picked up, and interest rate futures currently show the probability of a Fed rate hike in November in the vicinity of 35%, the U.S. dollar index is relatively firm, which puts pressure on gold prices. Short-term gold prices technical surface slightly biased towards the short side, need to beware of further downside risk of gold prices.

As a reminder, this is the last trading day of July and investors need to keep an eye on brokers for position adjustments. Gold prices are on track for their biggest one-month gain in four months, thanks to market expectations that the cycle of monetary tightening adopted by major central banks to fight inflation may be coming to an end.

U.S. crude oil is trading in a narrow range, and is currently trading near $80.40 per barrel, which still holds on to most of last week's gains. Oil prices are expected to post their biggest monthly gain in more than a year on expectations that Saudi Arabia will extend its voluntary production cuts until September, tightening global supply. Technicals and fundamentals remain biased to the bulls, with oil prices expected to probe resistance around 83.51, which was the high since mid-November 2022 touched in April.

This trading day need to pay attention to the Eurozone CPI data for July and the Eurozone GDP data for the second quarter. Concerned about the Fed officials speech, the U.S. Chicago PMI data for July, as well as the market's expectations for the U.S. non-farm payrolls data for the month of July.

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 31, 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 July 31. 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 July 31. 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 July 31. 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, 1.0830-1.0950-1.1157-1.1220-1.1303 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 31. 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 July 31. This policy is a daytime policy. Please pay attention to the policy release time.