The latest gold options data shows the Put/Call open interest ratio is close to, but still below, 1 and rising slightly, indicating that bullish sentiment remains dominant but is shrinking, with short positions accumulating. The volume ratio has risen from 0.6-0.8 and has crossed 1, indicating increasing short-term hedging and short-selling. If it remains above 1 for a sustained period, pullback pressure will intensify. The three-day volatility curve has generally shifted upward, with the central axis rising to approximately 18%. The upper end (3725-3765 and above) has reached the 20% threshold, with a steeper right slope. Higher prices increase volatility. Considering the current price of 3788, the strategy is neutral to bullish: try buying in batches on dips to 3770-3775, with a stop loss at 3760. Follow the trend above 3805 with increased volume, targeting 3825-3840. If the volume ratio remains above 1 and falls below 3770, reduce positions and look for dips at 3755-3745. (The above prices are for gold futures for October delivery, with a spread of approximately $4 between futures and spot. This interpretation is only a preliminary analysis of the new tool data and does not constitute investment advice.)
