Sommario:On Wednesday (September 6), buoyed by strong U.S. economic data, gold came under renewed downward pressure.
Market Overview
On Wednesday (September 6), buoyed by strong U.S. economic data, gold came under renewed downward pressure. The U.S. August services PMI rose to 54.5, which was a new high since February 2023, and was up from 52.7 in July. The figure exceeded widespread expectations among economists, who had previously expected it to fall slightly to 52.5. Expectations for a November interest rate hike have increased in the wake of the data release, while Boston Federal Reserve President and Chief Executive Officer Susan Collins said earlier today that the Fed has not yet curbed inflation sufficiently.
Oil prices closed at over nine-month highs as investors understood the news that OPEC+ leaders Saudi Arabia and Russia have decided to extend supply constraints until the end of the year. International oil prices continued to rise nearly 1% on Wednesday (September 6), with U.S. oil standing at the $85 per barrel mark and Brent reaching above $90 per barrel. Saudi Arabia and Russia's strategy aimed at further depleting inventories was felt across the oil market. West Texas Intermediate crude December- December futures spreads, favored by oil hedge funds, rose to their biggest level since late 2022. Brent, the global crude benchmark, closed above $90 per barrel on Thursday, which was the highest level since last November. Saudi Arabia raised the official selling price of its flagship Arabian Light crude to Asia to a 10-month high, which was a signal of confidence in demand for crude that further bolstered bullish sentiment.
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 September 7, Beijing time.
·Gold XAUUSD· | |
High Probability Scenario | High throw and low suction in the 1892-1903-1919-1931-1945-1951 range |
Low Probability Scenario | Chase up and kill down outside the 1892-1903-1919-1931-1945-1951 range |
·SilverXAGUSD· | |
High Probability Scenario | High throw and low suction in the 21.5-22.3-23.1-23.9-24.5-25.3 range |
Low Probability Scenario | Chase up and kill down outside the 21.5-22.3-23.1-23.9-24.5-25.3 range |
·Crude OilUSOUSD· | |
High Probability Scenario | High throw and low suction in the 83.5-85.3-87.3-89.1-90.7-91.5-92.6-93.7 range |
Low Probability Scenario | Chase up and kill down outside the 83.5-85.3-87.3-89.1-90.7-91.5-92.6-93.7 range |
·EURUSD· | |
High Probability Scenario | High throw and low suction in the 1.0570-1.0690-1.0755-1.0830-1.0950 range |
Low Probability Scenario | Chase up and kill down outside the1.0570-1.0690-1.0755-1.0830-1.0950 range |
·GBPUSD· | |
High Probability Scenario | High throw and low suction in the 1.2250-1.2400-1.2470-1.25460-1.26505-1.27000 range |
Low Probability Scenario | Chase up and kill down outside the 1.2250-1.2400-1.2470-1.25460-1.26505-1.27000 range |
VT Markets
OANDA
FP Markets
IQ Option
FOREX.com
Octa
VT Markets
OANDA
FP Markets
IQ Option
FOREX.com
Octa
VT Markets
OANDA
FP Markets
IQ Option
FOREX.com
Octa
VT Markets
OANDA
FP Markets
IQ Option
FOREX.com
Octa