Gold Market Analysis:
On Monday (June 9) during the Asian session, spot gold slightly fluctuated upward and is currently trading around $3,316.
Last Thursday, London gold prices surged and then pulled back, briefly breaking the $3,400 mark and hitting a nearly four-week high of $3,403 per ounce.
At the same time, silver prices broke above $35, reaching a 13-year high, which also drove gold prices up.
However, gold prices retreated after a phone call between the leaders of China and the U.S. eased trade tensions.
U.S. weekly initial jobless claims increased for the second consecutive week, shifting market focus to the non-farm payroll (NFP) report.
Trump once again called on the Federal Reserve to cut interest rates, and the easing of trade tensions directly impacted the performance of safe-haven assets.
The drop in gold prices reflects the market’s optimistic expectations for the China-U.S. trade talks, thereby weakening gold’s appeal as a safe-haven.
Markets will closely watch the NFP data and the Fed’s meeting decision on June 17–18 to gauge gold’s short-term direction.
Although short-term volatility may occur, gold still holds long-term investment value against the backdrop of global economic and geopolitical uncertainty.
Gold Strategy Today:
It is recommended to prioritize buying on dips, with short-selling on rebounds as a supplementary approach.
Watch resistance around $3,322 and support around $3,290.
Crude Oil Market Analysis:
Boosted by the phone call between the leaders of the world’s two largest economies, oil prices maintained an upward trend last Friday.
Brent crude oil remained stable around $65 per barrel, marking its first weekly rebound since mid-May; WTI crude also held near $63.
“With macro uncertainty gradually easing, the risk of panic selling in the market has significantly declined,” analysts noted.
“As the peak summer demand season arrives, combined with geopolitical tensions in the Middle East and Russia, the downside for oil prices is clearly limited.”
The recent steady recovery in oil prices indicates that the market has gradually digested macro uncertainty, but the underlying support remains fragile.
Although trade concerns have temporarily eased, whether OPEC continues to release capacity as expected will be key to whether oil prices can sustain the rebound.
At the same time, the options market reflects expectations of a supply surplus by year-end, which will test oil-producing countries’ ability to coordinate.
Crude Oil Strategy Today:
It is recommended to prioritize short-selling on rebounds, with buying on dips as a secondary strategy.
Watch resistance around $65.3 and support around $62.3.
Caution is advised. The above suggestions are for reference only.
