黄金、白银期货品种周报2025.12.08-12.12-20251208

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The overall trend of Shanghai gold futures is in an upward channel, currently possibly at the end of the trend, and it's recommended to wait and see [7][8] - The overall trend of Shanghai silver futures is in a strong upward phase, currently at the end of the trend, and it's recommended to wait and see [30][31] 3. Summary by Relevant Catalogs Gold Futures 3.1 Mid - term Market Analysis - The Shanghai gold futures contract 2602 oscillated and consolidated this week, supported by the strengthened expectation of the Federal Reserve's interest - rate cut and the weakening US dollar, with prices fluctuating between 953 - 968 yuan. Although the decline in open interest shows short - term capital caution, the medium - term upward trend remains unchanged. The market should focus on the Federal Reserve's December interest - rate meeting and inflation data. If clear easing signals are released, the gold price may break through the upper limit of the range. In the long - term, central bank gold purchases and hedging demand will still provide allocation support. It's recommended to wait and see [7][8] 3.2 Variety Trading Strategies - Last week's strategy review: The Shanghai gold contract 2602 may continue to oscillate at high levels in the short term, with an upper pressure level of 960 - 970 yuan/gram and a lower support level of 930 - 940 yuan/gram. It was recommended to wait and see [10] - This week's strategy suggestion: The Shanghai gold contract 2602 may continue to oscillate at high levels in the short term, with an upper pressure level of 960 - 970 yuan/gram and a lower support level of 920 - 930 yuan/gram. It's recommended to wait and see [11] 3.3 Relevant Data Situations - The report presents multiple data charts, including the price trends of Shanghai gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury bond yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai gold basis, and gold internal - external price difference [18][20][22] Silver Futures 3.1 Mid - term Market Analysis - Shanghai silver futures are in a strong upward phase, currently at the end of the trend. Last week, the silver price entered a high - level oscillation. Strengthened expectations of the Federal Reserve's December interest - rate cut and the weakening US dollar provided a valuation basis. In the short term, after reaching a new high, technical correction pressure and long - position profit - taking led to increased volatility, and correction risks should be watched out for. In the medium term, the global supply - demand structural gap and industrial demand growth will still provide a basis for its bull market pattern. It's recommended to wait and see [30][31] 3.2 Variety Trading Strategies - Last week's strategy review: The silver contract 2602 strengthened in the short - term oscillation, with an upper pressure level of 12,500 - 13,000 yuan/kg and a lower support level of 11,500 - 12,000 yuan/kg. It was recommended to buy on dips [34] - This week's strategy suggestion: The silver contract 2602 strengthens in the short - term oscillation, with an upper pressure level of 13,500 - 14,000 yuan/kg and a lower support level of 12,500 - 13,000 yuan/kg. It's recommended to buy on dips [35] 3.3 Relevant Data Situations - The report presents multiple data charts, including the price trends of Shanghai silver and COMEX silver, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver internal - external price difference [43][45][47]