宝城期货贵金属有色早报-20250521

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The short - term view on gold is oscillation, the medium - term view is oscillation, and the intraday view is weakly oscillating. It is recommended to wait and see. The core logic is that the easing of Sino - US relations is negative for the gold price, while the rising expectation of a US recession is positive for it. Also, local geopolitical tensions and a weakening US economy provide impetus for the gold price to rebound [1][3]. - The short - term view on nickel is decline, the medium - term view is oscillation, and the intraday view is weakly oscillating. It is recommended to wait and see. The core logic is that the strong upstream and weak downstream lead to nickel's oscillation. The upstream ore end is strong, providing support for the futures price, while the downstream stainless steel lacks a continuous upward drive [1][5]. 3) Summary by Related Catalogs Gold - Price Performance: Yesterday, the intraday gold price oscillated, and it rose significantly during the night session. Shanghai gold increased in positions and rose, breaking through the 760 mark and standing above 770. New York gold reached around $3300. Technically, Shanghai gold broke through 760 and New York gold broke through $3250 in the short term, showing strong upward momentum [3]. - Driving Factors: Multiple US officials revealed that Israel may be preparing to strike Iranian nuclear facilities. Local geopolitical tensions and a weakening US economy give impetus for the gold price to rebound. It is advisable to continue to focus on the long - short game around $3300 in the short term [3]. Nickel - Price Performance: The main nickel futures price showed a downward trend near the end of trading yesterday but rebounded at the night session, regaining the 123,000 mark. Last week, the nickel price twice reached 126,000 and then declined, facing significant upward pressure [5]. - Driving Factors: The upstream ore end remains strong, providing support for the futures price. Nickel sulfate is stable, and the downstream stainless steel rose and then declined, lacking a continuous upward drive. Technically, the nickel price rebounded after reaching the bottom and still has strong technical support at the 123,000 mark [5].