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Data as of: 2026-10-09 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Shanghai Gold (AU2612) In-Depth Analysis Report | High-Level Oscillation with Bullish Bias | 2026-10-11

Direction: Bullish. The core logic lies in global central bank gold purchases and safe-haven demand supporting an upward shift in the gold price center, compounded by China's loose liquidity expectations and seasonal peak-season effects. Technically, the price has found strong support at the 900 yuan integer mark, with short-term moving averages in a bullish alignment, but facing pressure from previous highs. Fundamentally, the tight balance in physical gold supply and demand remains unchanged, and the Shanghai gold premium staying elevated reflects strong domestic demand. On the capital side, the main contract's open interest is at an extremely high historical percentile, indicating increased market divergence but still abundant bullish momentum. Although short-term technical pullbacks may occur due to dollar rebound disturbances, before macro uncertainties are resolved, buying on dips remains the main strategy. It is recommended to watch the 950-980 range for a resistance breakout; if it holds, upward space opens; conversely, if it breaks below the key support at 880, the trend needs to be reassessed. Overall, the medium- to long-term bullish logic is solid, and short-term operations should follow the trend, avoiding chasing highs and selling lows.