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データ基準日: 2026-10-07 · 決済基準: 取引所最終日次決済価格

GF=F (GF=F) Deep Dive | Bullish on Contango Carry & Macro Support | 2026-10-08

We maintain a bullish bias on GF=F (Guangzhou Futures Exchange gold futures) with a target move toward the 20-day high, supported by a structurally supportive contango environment, resilient macro demand, and technical positioning that favors further upside. The primary invalidation scenario involves a decisive break below the 333.26 support level, which would signal a loss of short-term momentum and a shift in market sentiment. Gold's current trajectory reflects a confluence of factors: a robust 20-day upward trend, a favorable risk/reward setup relative to volatility metrics, and a macro backdrop where real yields remain subdued despite nominal rate stability. While the instrument is trading near its 20-day resistance, the underlying supply-demand fundamentals and positioning data suggest that the path of least resistance remains to the upside. Investors should monitor the 333.26 level closely as a key pivot for trend continuation or reversal.