Group 1 - The core viewpoint of the articles indicates that gold prices have recently experienced a significant decline, breaking below $4000 per ounce for the first time since October 10, with a daily drop of 2.8% [1] - The recent drop in gold prices has been attributed to a technical correction, as the market had become overcrowded with long positions, leading to profit-taking after a substantial rise since September [1] - The backdrop of "high interest rates and a strong dollar" is changing, with expectations of further interest rate cuts by the Federal Reserve, which may lead to a weaker dollar and declining actual interest rates [1] Group 2 - Despite the short-term fluctuations, the overall outlook for the gold market is expected to stabilize and trend upwards, as gold remains a reliable asset for risk hedging and inflation protection [2] - The long-term logic for rising gold prices remains intact, supported by ongoing monetary easing and significant net purchases by global central banks, averaging over 1000 tons annually since 2022 [2] - Investors are advised to consider their own investment experience, capacity, and risk tolerance when investing in gold, emphasizing the importance of suitable asset allocation rather than following market trends blindly [2]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Internationally, the U.S. soybean sowing is basically finished, the proportion of abnormally dry areas in soybean - growing regions has decreased, geopolitical tensions have eased, and some long - position holders took profit, leading to a slight decline in CBOT soybean futures. The export growth of Malaysian palm oil from June 1 - 20 has narrowed, market demand is weak, the energy market is volatile, and Malaysian palm oil futures are oscillating at high levels [5]. - Domestically, a large amount of imported soybeans have arrived at ports, oil mills are operating at a high level, and soybean oil inventory continues to rise. However, the increase in import costs strongly supports soybean oil prices. Palm oil inventory has rebounded from a low level, with little change in the domestic fundamentals, and its price continues to follow the external market. The supply of domestic rapeseed oil exceeds demand, the uncertainty of China - Canada trade policies still threatens later imports, and the rising ICE rapeseed futures support the relatively strong trend of domestic rapeseed oil [6]. Summary by Relevant Catalogs 1. Macro and Industry News - From June 14 - 20, the weekly output of毛豆油 in key regions of China was 452,998 tons, a 5.56% week - on - week increase and a 25.20% year - on - year increase [2]. - As of June 20, 2025 (Week 25), the commercial inventory of palm oil in key regions of China was 434,900 tons, a 25,300 - ton (6.18%) week - on - week increase and a 42,800 - ton (10.91%) year - on - year increase [2]. - According to SGS, the estimated export volume of Malaysian palm oil from June 1 - 20 was 759,881 tons, a 16.66% increase from the same period last month [2]. - As of June 18, the soybean harvest progress in Argentina's 2024/25 season was 96.5%, 3.3 percentage points higher than a week ago but still 2 percentage points behind the same period last year [2]. - In May, China's total soybean imports reached a record 13.92 million tons, more than double the 10 - year low of 6.08 million tons in April and significantly higher than the same period last year, partly due to the concentrated clearance of previously delayed shipments [2]. 2. Fundamental Data Charts - Not provided 3. Views and Strategies - International: U.S. soybean sowing is over, dry conditions in growing regions have improved, geopolitical tensions have eased, causing CBOT soybean futures to decline. Malaysian palm oil export growth has slowed, demand is weak, and the energy market is unstable, resulting in high - level oscillations of Malaysian palm oil futures [5]. - Domestic: A large amount of imported soybeans have arrived, oil mills are highly operational, and soybean oil inventory is rising, but import costs support prices. Palm oil inventory has rebounded, with domestic fundamentals stable and prices following the external market. The domestic rapeseed oil supply exceeds demand, trade policy uncertainty affects imports, and rising ICE rapeseed futures support the strong trend of domestic rapeseed oil [6].

Core Viewpoint - The recent CPI data has raised questions about the potential profit-taking by gold bulls, indicating a possible shift in market sentiment towards gold investments [1] Group 1 - The CPI data released last night may have a lasting impact on market dynamics, particularly influencing gold prices and investor behavior [1] - There is speculation that gold bulls may be locking in profits after a phase of price increases, suggesting a potential correction in the gold market [1]

Group 1: Gold Market Analysis - The current gold price is showing a rebound, maintaining above the $3300 level, supported by geopolitical tensions and economic concerns [1] - The daily chart indicates that gold remains above the MA5, suggesting an ongoing upward trend, with a key resistance level at $3360 [2] - Short-term fluctuations are expected, with support at $3300 and potential resistance between $3325 and $3330 [4] Group 2: Silver Market Analysis - Silver prices are forming a narrow range above the 50-day moving average at $32.70, with a breakout above $33.70 potentially leading to new buying momentum [4] - If the price fails to hold above the 50-day moving average, it could quickly drop to the 200-day moving average at $31.52, indicating a shift in market sentiment [4] Group 3: Crude Oil Market Analysis - The crude oil market is experiencing downward pressure, with a mid-term trend indicating a potential decline towards the $50 level after testing the upper boundary of a bearish flag pattern [5] - Short-term trading is expected to remain within the range of $62.20 to $60.00, with a focus on buying on dips and selling on rebounds [5]

Market Performance - On April 22, U.S. major stock indices rose over 2%, with the Dow Jones up 2.66%, S&P 500 up 2.51%, and Nasdaq up 2.71% [3] - The Wande American Technology Seven Giants Index increased by 2.84%, with notable individual stock performances including Tesla rising over 4% and Nvidia over 2% [4][5] - The Nasdaq China Golden Dragon Index rose over 3%, with significant gains in popular Chinese concept stocks such as Bitdeer up over 23% and Alibaba up over 5% [6] Commodity Prices - Gold prices reached a historical high, briefly surpassing $3,500 per ounce before falling back below $3,400, a drop of over $100 [1][16] - Crude oil prices collectively increased, with Brent crude futures rising over 2% [1][16] Tesla's Financial Performance - Tesla reported a significant decline in net income for Q1 2025, with a net profit of $409 million, down 71% year-over-year, and adjusted earnings per share of $0.27, below analyst expectations [10][11] - Tesla's stock has seen a cumulative decline of 41.07% this year, with its latest market capitalization at $76.54 billion, nearly halving from $137.16 billion at the beginning of the year [12] - CEO Elon Musk announced plans to significantly reduce his government work to focus on Tesla, which led to a temporary stock price increase of over 9% in after-hours trading [14]

Group 1 - The core viewpoint of the article indicates that after reaching the $3500 mark, spot gold has experienced a pullback, suggesting a need for caution regarding potential profit-taking by bullish investors [1] Group 2 - The article mentions the availability of a free trading group for futures, which includes access to a specific trading indicator, limited to the first 50 participants [1]