1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Views - The overall trend of Shanghai Gold futures is in a sideways phase and may be at the beginning of the trend. The mid - term trend is expected to be strong due to Fed's potential rate - cut and expansionary policies, as well as geopolitical risks. However, short - term attention should be paid to policy implementation and external market linkages [7]. - The overall trend of Shanghai Silver futures is in a strong upward phase and may be at the end of the trend. The price increase is driven by Fed's rate - cutting strengthening its financial attribute and the booming industrial demand such as photovoltaic. The mid - term trend is also strong, but short - term attention should be paid to US non - farm data and COMEX low - inventory delivery risks [33]. 3. Summary by Directory Gold Futures 3.1 Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Gold futures is sideways, currently possibly at the start of the trend. The mid - term is expected to be strong [7]. - Trend logic: Last week, gold contract 2602 showed a pattern of "policy - driven surge - technical correction - stable oscillation". The Fed's rate - cut and expansionary policies opened up the upward space, and geopolitical risks provided support. Later in the week, profit - taking and technical adjustments led to high - level oscillations, but the expectation of loose macro - liquidity still dominates the mid - term strong pattern [7]. - Strategy advice: It is recommended to wait and see [8]. 3.2 Variety Trading Strategy - Last week's strategy review: For Shanghai Gold contract 2602, it was recommended to be cautiously bullish, with the upper resistance at 985 - 1000 yuan/gram and the lower support at 935 - 950 yuan/gram. It was advised to buy on dips [10]. - This week's strategy advice: For Shanghai Gold contract 2602, be cautiously bullish, with the upper resistance at 985 - 1000 yuan/gram and the lower support at 935 - 950 yuan/gram. Buy on dips [11]. 3.3 Relevant Data - The report provides multiple data charts including Shanghai Gold and COMEX gold price trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yield, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [20][22][24]. Silver Futures 3.1 Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Silver futures is in a strong upward phase and may be at the end of the trend [33]. - Trend logic: Last week, Shanghai Silver contract 2602 showed a pattern of "oscillation - surge - stabilization". Driven by the Fed's rate - cut strengthening its financial attribute and booming industrial demand like photovoltaic, its increase significantly exceeded that of gold. After breaking through key resistance, there was a small correction due to profit - taking, but the mid - term strong pattern is supported by loose macro - policies and tight spot supply [33]. - Strategy advice: It is recommended to wait and see [34]. 3.2 Variety Trading Strategy - Last week's strategy review: For Silver contract 2602, it was in a strong position at high levels, with the upper resistance at 14,500 - 15,000 yuan/kg and the lower support at 13,500 - 14,000 yuan/kg. It was advised to buy on dips [37]. - This week's strategy advice: For Silver contract 2602, it is in a strong position at high levels, with the lower support at 14,500 - 15,000 yuan/kg. Buy on dips [38]. 3.3 Relevant Data - The report provides multiple data charts including Shanghai Silver and COMEX silver price trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [45][47][50].

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]