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データ基準日: 2026-11-06 · 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 Gold 2612 In-depth Analysis | Bullish, pullback supported above pivot P | 2026-11-08

SHFE Gold 2612 is bullish. Core logic: central banks' 24 consecutive months of holdings increases provide structural demand support, while COMEX registered inventories and GLD holdings both decline, with the supply side continuing to tighten; although managed funds' net long crowding is high at 90.1%, it has fallen for two consecutive weeks, partially releasing long crowding risk; the domestic-overseas premium turned from +2.57% to -0.48%, with the Chinese market trading at a discount to the international market, indicating no valuation bubble in the Chinese market. Technically, the price pulled back to near next-session pivot P 875.21, and the night session close of 874.38 remains above the 47.4% midpoint of the 20-day 831-913 range, without breaking down. Invalidation conditions: a daily close below 861.75 (next-session pivot S1), or COMEX gold price falling below 4034.
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