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Data as of: 2026-10-16 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

SHFE Gold (SHFE.AU) In-Depth Analysis Report | Bullish Bias | 2026-10-19

Direction conclusion: bullish bias. Against an oversold backdrop where SHFE Gold 2612 settled at 898.8 yuan/gram on [10-16 settlement] and fell 5.78% over 20 days, the [10-16] day session closed at 901.82 yuan/gram (+1.36%) with the main contract open interest down 6,211 lots, indicating short-covering repair; the top-20 seats held a net long of 168,988 lots, up 9,557 lots from the prior day, the [10-16 night session] closed at 900.56 yuan/gram (+0.2% vs settlement), and at [10-19 07:00] GC=F in the Asian session was 4,197.2 USD/ounce (+0.39% vs settlement), with international and Chinese markets moving in the same direction. GLD holdings rose 0.67% over 20 days, and the China tax-adjusted premium increased from +0.01% to +0.35%, both allocation and import sides are strong. The drivers are oversold conditions + short covering + premium repair, transmitting to the next pivot R1 at 904.6, with upside to 913.0 (the prior weekly high) on a breakout; the invalidation condition is a daily close below the next S1 at 897.24.