宝城期货贵金属有色早报-20250624

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and nickel futures, with corresponding core logics [1]. 3. Summary by Variety Gold - View: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3]. - Core Logic: Geopolitical conflicts have eased as the US President Trump announced on June 23 that Israel and Iran had agreed to a full cease - fire, leading to a rise in market risk appetite and downward pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold [3]. Nickel - View: Short - term: rise; Medium - term: oscillation; Intraday: rise; Overall: short - term bullish [1][5]. - Core Logic: After the cease - fire between Iran and Israel, geopolitical conflicts have eased, and market risk appetite has increased. Although nickel's fundamentals were weak last week, short - term macroeconomic improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices [5].