Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the documents. 2. Report's Core View - For gold, in the long - term, the upward trend remains unchanged, but in the medium - and short - term, the strong pattern is broken, and the game between bulls and bears intensifies. Investors are advised to be cautious and follow the 60 - day moving average [3]. - For nickel, it is in a neutral position in the short - term and a bearish position in the long - term. Technical support at 123,000 should be noted, but there is a lack of rebound momentum [5]. 3. Summary by Variety Gold (AU) - **Time - frame Views**: The intraday view is oscillating weakly, and the medium - term view is oscillating. The reference view is to wait and see [1][3]. - **Core Logic**: In the context of the easing of Sino - US tariff policies, the futures price breaks below the 20 - day moving average, breaking the strong pattern. However, with frequent global geopolitical events, the futures price still has strong support. After approaching the 60 - day moving average last week, it stabilizes and rebounds [3]. Nickel (NI) - **Time - frame Views**: The intraday view is oscillating weakly, and the medium - term view is oscillating. The reference view is to wait and see [1][5]. - **Core Logic**: The nickel price oscillated and rebounded last night. Since last week, the center of the nickel price has continued to move down, and the amplitude has narrowed. After the short - term macro - benefits are digested by the market, non - ferrous metals have all declined. On the industrial level, the upstream ore end remains strong, giving support to the futures price; nickel sulfate operates stably; the downstream stainless steel rises and then falls, lacking a continuous upward driving force [5].