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Over the weekend, conflict between Iran and Israel flared up again, but was quickly brought to a halt by Trump, with only limited short-lived impact. The market is still optimistic about a US-Iran agreement. Strong non-farm payroll data lifted the US dollar further, and the market raised rate-hike expectations even more. Gold and silver are under pressure. In the short term, geopolitical tensions keep shifting back and forth, which may cause gold prices to fluctuate repeatedly, but the agreement will eventually be reached. The overall logic still leans toward a rebound with a bearish bias; for today, focus on handling the 4350-60 area as bearish.
**June 8 short-term morning trading ideas:**
**Spot Gold (XAUUSD):** Bearish near 4350-60. Defend at 4373. Look for 4310-4300. If it breaks through, then watch 4250-60.
**II. Silver**
The price action is synchronized with gold. Pressured by the strength of the US dollar, there is a key short-term level: support near the 200-day moving average. If it breaks below 67, the room for further downside could expand. In the short term, remain bearish following gold; for now, observe whether support at the 200-day moving average holds.
**June 8 (Monday) short-term trading ideas for Silver:**
**Spot Silver (XAGUSD):** Bearish bias near 68.8. Defend at 70. Look for support at 67-66.8. If it breaks below, it could open up more downside room—further downside targets: look lower.
**III. Crude Oil**
On Friday, crude oil was also pressured by the strong US index and moved lower. At present, the main issue is still that navigation through the Strait of Hormuz has not been effectively opened. Even more so, another conflict between the US, Iran, and Israel has occurred; the agreement is still being negotiated and contested. Optimism for reaching an agreement has been consumed. In the short term, crude oil has some support due to renewed strikes following renewed Iran-Israel attacks. This morning crude opened higher; however, Trump moved quickly to curb the gains. The expected upside is limited. When price is in the high-range area, you can still consider setting up bearish positions. Expect resistance to be at 93.8-94.3, and treat it as bearish. $XAUUSD $XBRUSD $XAGUSD