本レポート提供元 MacroTerms.com

データ基準日: 2026-10-23 · 決済基準: 取引所決済価格（北京時間15:00終値、前回決済比）

SHFE.AU In-Depth Analysis Report | Bearish, Downside Target 854.63 | 2026-10-25

Bearish direction. Core rationale: 1) Price broke below the key 20-day low at 875.84, confirming active short exit;
2) Over the past 48 hours, China's jewelry gold price per gram fell below 1200 yuan, with weakening physical demand supporting a downward price shift;
3) Over the past 4 weeks, COT net long positions have been continuously reduced while the short share has increased, indicating active short position building. Direction invalidation condition: If price stabilizes above 877.55 (NEXT P) and closes above it, the short setup fails and reverses to long.