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

SHFE.AU Deep Analysis Report | Bearish Outlook at 854.63 | 2026-10-25

Bearish direction. Core reasons: 1) Price broke below 875.84, the key 20-day low, confirming active entry of short positions;
2) Gold jewelry retail price in China dropped below 1200 Yuan in the last 48 hours, supporting further price decline due to weak demand;
3) Net long positions have continued to reduce over the past 4 weeks, with the short ratio increasing, indicating active short-side additions. Directional invalidation condition: If price stabilizes above 877.55 (NEXT P) and closes higher, the bearish outlook fails and turns bullish.