Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Report's Core View - Gold 2508 is expected to show short - term strength due to the escalation of geopolitical and trade policies, with a short - term upward trend, a medium - term oscillation, and an upward trend for the day. Nickel 2507 is recommended for a wait - and - see approach as it has an upstream - strong and downstream - weak situation, with a short - term and medium - term oscillation and a day - long slightly weak oscillation [1]. 3. Summary by Related Catalogs Gold (AU) - **Price Trend**: Short - term is upward, medium - term is oscillating, and for the day is upward, with a short - term strong view [1][3]. - **Driving Logic**: During the Dragon Boat Festival, US trade policies and global geopolitical risks escalated. Trump planned to raise steel and aluminum import tariffs from 25% to 50% starting from June 4, and threatened to impose a 50% tariff on the EU on July 9. The White House was firm on maintaining tariffs. Geopolitical risks included the intensification of the Russia - Ukraine conflict and the tense situation in the Middle East, which increased the safe - haven sentiment and pushed up the gold price in the short term. Attention should be paid to the pressure at the 3400 - dollar mark for New York gold and the 785 - 790 mark for Shanghai gold [3]. Nickel (NI) - **Price Trend**: Short - term and medium - term are oscillating, and for the day is slightly weak, with a wait - and - see view [1][5]. - **Driving Logic**: During the Dragon Boat Festival, LME nickel rose slightly, and SHFE nickel is expected to open slightly higher after the holiday, with attention on the pressure at the 122,000 level. Before the holiday, the nickel price dropped significantly due to the rumor of an increase in Indonesian nickel ore quotas, but the rumor did not impact the Indonesian nickel ore price. Technically, the short - term futures price rebounded after hitting the bottom, and the technical support at the 120,000 mark is still valid. It is expected that the liquidation of previous short positions will cause the price to continue to rebound [5].