The latest gold options data shows that the Put/Call open interest ratio has risen slightly above 1, accumulating the risk of a short-term correction. However, the volume ratio has fallen back to 0.6-0.7, indicating that short-selling is not dominant, with the market primarily characterized by volatile turnover and dip-buying. If the volume ratio crosses 1 again and remains above 1, caution is advised regarding an accelerated downward trend. Furthermore, the three-day moving average has generally shifted upward, with volatility rebounding to approximately 18%-23%, exceeding previous levels. The right-side slope has turned positive and steeper, indicating that higher prices lead to greater volatility. The current price of 3779 is above the steep volatility band of 3750-3770. If it breaks above 3785/3800 on strong volume, volatility could be amplified, potentially pushing it towards 3815-3830. If it falls back and breaks below 3770, it could easily retest 3755/3745 and shift to a period of volatile convergence.
(The above prices are for October gold futures, with a spot/futures spread of approximately $3. This interpretation is merely a preliminary analysis of the new instrument data and does not constitute investment advice.)
