黄金、白银期货品种周报-20251110

Group 1: Investment Ratings - There is no information about the report's industry investment rating provided in the content. Group 2: Core Views - For gold futures, the overall trend of Shanghai gold futures is in an upward channel and may be at the end of the trend. The price last week showed a pattern of "first decline, then stability, and oscillatory repair", affected by factors such as the cooling of Fed policy expectations, the high - level consolidation of the US dollar index, and the repeated geopolitical risk - aversion sentiment. In the long - term, global central banks' continuous gold purchases and the "de - dollarization" narrative support the price. It is recommended to wait and see [7][8]. - For silver futures, the overall trend of Shanghai silver futures is in a strong upward stage and may be at the end of the trend. The price last week showed a "first decline, then stability, and oscillatory repair" trend, driven by factors such as the divergence of Fed policy expectations, structural changes in COMEX inventory, and domestic warrant destocking. It is recommended to wait and see in the medium - term and use short - term grid trading this week [32][33][37]. Group 3: Summary by Directory (Gold Futures) 1. Mid - line行情分析 - Mid - line trend: The overall trend of Shanghai gold futures is in an upward channel and may be at the end of the trend [7]. - Trend judgment logic: Last week, the gold price was affected by Fed policy expectations, the US dollar index, and geopolitical sentiment. In the long - term, central bank purchases and "de - dollarization" support the price [7]. - Mid - line strategy: It is recommended to wait and see [8]. 2. 品种交易策略 - Last week's strategy review: The Shanghai gold main contract 2512 was expected to oscillate between 900 - 940 yuan/gram, with a resistance level of 930 - 940 yuan/gram and a support level of 900 - 904 yuan/gram. It was recommended to wait and see [10]. - This week's strategy suggestion: The Shanghai gold main contract 2512 is expected to oscillate between 900 - 940 yuan/gram, with a resistance level of 930 - 940 yuan/gram and a support level of 900 - 910 yuan/gram. It is recommended to wait and see [11]. 3. 相关数据情况 - The report presents data on Shanghai gold and COMEX gold trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the US dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai gold basis, and gold domestic - foreign price differences through charts [19][21][23]. Group 4: Summary by Directory (Silver Futures) 1. Mid - line行情分析 - Mid - line trend: The overall trend of Shanghai silver futures is in a strong upward stage and may be at the end of the trend [32]. - Trend judgment logic: Last week, the silver price was affected by Fed policy expectations, COMEX inventory changes, and domestic warrant destocking. In the long - term, it is supported by currency credit risks and industrial demand [32]. - Mid - line strategy: It is recommended to wait and see [33]. 2. 品种交易策略 - Last week's strategy review: The silver main contract 2512 was expected to oscillate between 11,000 - 12,000 yuan/ton, with a resistance level of 11,800 - 12,000 yuan/ton and a support level of 11,000 - 11,200 yuan/ton. It was recommended to wait and see [36]. - This week's strategy suggestion: The silver main contract 2512 is expected to oscillate and consolidate in the range of 11,000 - 12,000 yuan/ton, with a resistance level of 11,800 - 12,000 yuan/ton and a support level of 11,000 - 11,200 yuan/ton. It is recommended to use short - term grid trading [37]. 3. 相关数据情况 - The report presents data on Shanghai silver and COMEX silver trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver domestic - foreign price differences through charts [44][47][50].