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Data as of: 2026-10-23 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

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.