Report Industry Investment Rating No relevant content provided. Report's Core View - The short - term view of gold 2508 is volatile, the medium - term view is volatile, the intraday view is weakly volatile, and the reference view is to wait and see. The short - term view of nickel 2507 is rising, the medium - term view is volatile, the intraday view is rising, and the reference view is to be bullish in the short - term [1]. Summary by Related Catalogs Gold - **Price Performance**: On Friday night, the gold price dropped. Shanghai gold fell below the 780 - yuan mark, and New York gold fell below the $3350 level [3]. - **Core Logic**: Sino - US relations are expected to ease after the leaders' phone call on June 5 and the upcoming Sino - US economic and trade consultation mechanism's first meeting. This reduces the safe - haven demand for gold. Also, the US May non - farm payrolls were slightly higher than market expectations, leading to a rebound in the US dollar and pressuring the gold price. Short - term gold is expected to remain weak [3]. Nickel - **Price Performance**: Recently, the nickel price has been strongly volatile around the 122,000 - yuan level [5]. - **Core Logic**: At the macro level, the domestic macro - environment has improved, and non - ferrous metals have generally risen. Nickel, which had a large previous decline, is showing signs of a rebound from oversold conditions with a reduction in positions, indicating strong willingness of previous short - sellers to close positions. At the industrial level, the upstream ore end provides support, while downstream demand is weak, presenting a neutral overall situation. Technically, attention should be paid to the long - short game around the 122,000 - yuan level [5].