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データ基準日: 2026-11-03 · 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 | Scope for Recovery Amid Bearish Setup | 2026-11-04

Bearish. Shanghai gold closed the night session at 845.24, down slightly 0.1% versus settlement, with the daily line declining for a third consecutive day. Technically, price is below the 20-day moving average and has broken the recent low of 831, sitting at the lower end of the 20-day range. On supply-demand, COMEX registered warrants fell slightly, while Chinese inventories held flat; in the international market gold pulled back below the 3900 mark, and the international-China premium turned negative. Positioning: net longs across the top 20 seats stood at 138,700 lots, narrowing by 1,596 lots day-on-day, indicating short covering, while main nominal holdings dropped sharply by 8.195 billion yuan, signaling significant outflows of main funds. The gold-silver ratio is at a high and the copper-gold ratio hit a new high, showing a divergence between safe-haven and industrial demand. Overall, shorts hold the upper hand in the near term; watch the validity of the retest of support at the 831 line.