短时震荡，关注?银补涨持续性

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Views - Short - term, gold is expected to maintain a volatile and slightly stronger trend within a range, and the medium - to - long - term bullish view remains unchanged. Silver has gained greater short - term elasticity, but mid - term elasticity should be viewed with caution while maintaining a bullish trend view [1][3]. - The report suggests paying attention to US inflation and retail data changes this week and their impact on the Fed's interest - rate cut expectations [1][3]. 3) Summaries by Related Content Key Information - Trump called for Fed Chair Powell to resign, and there is a dispute between Trump and Powell over the Fed's $2.5 billion headquarters renovation project. The Fed defended the project on its website [2]. - Fed's Harker said the inflation target has not been reached, keeping monetary policy tight is important, and there is no urgent need for a rate cut. He also mentioned the impact of tariffs and economic uncertainties [2]. Price Logic - Gold price oscillated during the day, and silver was temporarily blocked at the $40 mark after a sharp rise last week, showing a high - level volatile trend. The extension of the negotiation period and the TACO trading direction did not significantly impact market risk appetite [3]. - From the perspective of positions and fundamentals, COMEX positions declined, and global visible inventories and domestic out - warehouse volumes do not indicate an upward trend. There are three mid - term logics suppressing silver's elasticity, and they are difficult to reverse [3]. Outlook - Weekly COMEX gold is expected to be in the range of [3250, 3450]. COMEX silver faces pressure at the $40 mark, and in extreme cases, if the gold - silver ratio falls to the lower limit of the past two years, COMEX silver may reach $45 [3][7].