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Data as of: 2026-10-12 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Shanghai Gold (AU2612) In-Depth Analysis Report | Slightly Bullish: Position-Increase Rebound at 20-Day Low | 2026-10-13

Directional conclusion: Slightly bullish. Shanghai Gold AU2612 saw active long position increases at the 21.8th percentile of the 20-day range, [10-12 settlement] 907.78 yuan, up 0.71%, with main-force open interest at 228,792 lots (+334 lots) and top-20 seats net long 164,243 lots (daily +3,846 lots); the driver is shifting from short covering to active long buildup. Internationally, GC=F settled at 4,190.6 USD and was 4,193.37 USD (+0.07%) in the Asian morning session; the China tax-adjusted premium is +0.4%, with domestic and external directions aligned. GVZ is at the 12th percentile of its 1-year range, and IV−RV is +5.3 volatility points, with options pricing event risk as US CPI, core CPI, and retail data land densely over the next two days. Invalidation conditions: a daily close below 901.83 (S1) turns the view neutral, with downside to 889.82 (20-day low); an effective break above 911.11 (R1) opens upside to 926.