宝城期货贵金属有色早报-20250523

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The gold price has an unchanged long - term upward trend, with intensified short - and medium - term long - short battles. In the short and medium term, due to the easing of Sino - US tariff policies, the strong pattern is broken, but geopolitical factors provide strong support. When short - and medium - term uncertainty is high, silver positions can be allocated as a hedge [3]. - The nickel price is short - term neutral and long - term bearish. Technically, the short - term downward momentum is strong, and the price may continue to weaken [4]. 3. Summary by Variety Gold - Short - term view: Oscillation; Medium - term view: Oscillation; Intraday view: Oscillation and weakening; Reference view: Wait - and - see [1][3]. - Core logic: Last night, the gold price fell from a high level. In the context of the easing of Sino - US tariff policies, the futures price broke below the 20 - day moving average, but geopolitical factors provided support. It rebounded strongly this week. The gold - silver ratio fluctuates in the same direction as the gold price and is mainly affected by the safe - haven demand for gold. Silver positions can be used as a hedge [3]. Nickel - Short - term view: Decline; Medium - term view: Oscillation; Intraday view: Oscillation and weakening; Reference view: Bearish in the short term [1][4]. - Core logic: Last night, it decreased in price with increasing positions, breaking below the 123,000 mark again. This week, the short - term macro - level benefits were digested by the market. At the industrial level, the upstream ore end remained strong, while the downstream stainless steel lacked continuous upward momentum. Technically, the short - term downward momentum is strong [4].