This report is provided by MacroTerms.com

Data as of: 2026-10-20 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)

Shanghai Gold (AU2612) In-Depth Report | Bearish: Down 4.86% in 20 Days, Position Crowding Still at Three-Year High | 2026-10-21

Direction conclusion: Bearish. Shanghai Gold AU2612 settled at 893.02 yuan/gram on [10-20 settlement], down 1.65% over 5 days and 4.86% over 20 days, closing at the 14.4th percentile of the 20-day channel of 881.82–952.76, near the 20-day low of 881.82; the night session closed at 890.12, down another 0.32% versus settlement, with weak rebound momentum. On drivers, the US Dollar Index at 101.71 and the 10-year Treasury yield at 5.12% form a double headwind; COMEX managed-money net longs have been cut for four straight weeks but crowding remains at the 90th percentile over three years, so the deleveraging is not yet finished; SHFE top-20 seats net longs stand at 169,592 lots, narrowing by 2,041 lots versus the prior day, with the main contract falling on open-interest declines as longs exit. The China-vs-international premium narrowed from +0.92% five days ago to +0.35%, indicating China is underperforming the international market. Direction invalidation condition: if the daily close breaks above and holds the next pivot R1 at 898.28, then exit shorts.