Core Viewpoint - The recent surge in gold prices is driven by institutional investment rather than short-term speculation, indicating a significant shift in market dynamics [1][3][5]. Group 1: Market Dynamics - International spot gold prices have fluctuated around $4188 per ounce, with domestic gold T D prices reaching 956.65 yuan per gram, marking a daily increase of 1.31% [1]. - On November 12, the global largest gold ETF increased its holdings by 0.28 tons, bringing total holdings to 1046.64 tons, suggesting institutional confidence in the market [1][3]. - In the first three quarters of 2024, China's gold ETF saw an increase of 79.015 tons, a year-on-year growth of 164.03%, while global gold ETFs added 619 tons with a capital inflow of $640 billion [3]. Group 2: Institutional Investment - The shift in the Federal Reserve's policy, with two rate cuts in 2025, has led to increased institutional investment in gold, as lower interest rates reduce the opportunity cost of holding gold [5][9]. - Predictions indicate a high probability of another rate cut by the Federal Reserve in December, which is expected to further stimulate capital inflows into gold [5]. - Central banks globally have shown a strong demand for gold, with net purchases reaching 220 tons in Q3 2025, a 28% increase from the previous quarter, indicating a long-term commitment to gold [5][7]. Group 3: Geopolitical and Economic Factors - Geopolitical risks have heightened demand for gold as a safe haven, with ongoing conflicts contributing to market uncertainty [7]. - The inverse relationship between gold and the US dollar has become more pronounced, with a weakening dollar driving gold prices higher [9]. - Technical analysis shows that gold prices have broken through key resistance levels, indicating a potential for sustained upward movement [9][11]. Group 4: Investment Strategy - Investors are advised to monitor institutional flows and avoid high-leverage trading, with a recommended allocation of gold in asset portfolios kept within 10-20% [11]. - The current market conditions suggest that short-term pullbacks in gold prices may present buying opportunities, especially as long-term bullish factors remain intact [11].

Report Investment Rating - No investment rating for the industry was mentioned in the report [1] Core View - Multiple Fed officials signaled a cautious approach or opposition to a December rate cut, reducing the probability of a December rate cut to around 45%. Along with the end of the US government shutdown and expectations of a large amount of economic data release, precious metal prices may adjust in the short term. However, factors such as global debt expansion, fiscal deficit, central bank gold - buying, and geopolitical risks will support precious metal prices in the medium and long term [1] Summary by Relevant Content Precious Metal Market Data - **Shanghai Gold**: On November 14, 2025, the futures active - contract closing price was 961.22 yuan/gram, up 15.46 yuan from the previous day and 39.96 yuan from last week. The spot Shanghai Gold T + D closing price was 944.31 yuan/gram, up 14.36 yuan from the previous day [1] - **Shanghai Silver**: The futures active - contract closing price was 12,588 yuan/ten - grams, up 515 yuan from the previous day and 1,104 yuan from last week. The spot Shanghai Silver T + D closing price was 12,563 yuan/ten - grams, up 471 yuan from the previous day [1] - **COMEX Gold**: The futures active - contract closing price was 4,174.50 dollars/ounce, down 26.90 dollars from the previous day but up 184.10 dollars from last week. The London Gold Spot price was 3,968.20 dollars/ounce, up 227.45 dollars from the previous day [1] - **COMEX Silver**: The futures active - contract closing price was 52.23 dollars/ounce, up 4.37 dollars from the previous day. The London Silver Spot price was 53.87 dollars/ounce, up 2.34 dollars from the previous day [1] Price Ratios - The price ratio of Shanghai Gold Futures to Shanghai Silver Futures was 76.36, down 3.86 from the previous day and 1.98 from last week. The ratio of London Gold Spot to London Silver Spot was 83.35, down 2.39 from the previous day [1] Other Market Data - **Crude Oil**: INE Crude Oil was 463.70 yuan/barrel, down 16.70 yuan from the previous day and 14.20 yuan from last week. ICE Brent Crude was 63.11 dollars/barrel, up 0.43 dollars from the previous day and down 0.44 dollars from last week [1] - **Copper and Steel**: Shanghai Copper Futures was 86,840 yuan/ton, up 710 yuan from the previous day and 1,610 yuan from last week. Shanghai Rebar was 3,046 yuan/ton, up 8 yuan from the previous day and 12 yuan from last week [1] Important Information - The US House of Representatives passed a temporary appropriation bill, ending the government shutdown. Trump's chief economic advisor estimated that the shutdown caused 60,000 job losses [1] - Fed officials signaled a hawkish stance before important economic data release. Some officials advocated caution, while others opposed the previous month's rate cut and said December's action would depend on data [1] Trading Strategy - Hold existing long positions. For London Gold, focus on support around 3,850 - 3,950 dollars/ounce and resistance around 4,180 - 4,384 dollars/ounce. For Shanghai Gold, focus on support around 870 - 890 yuan/gram and resistance around 960 - 1,000 yuan/gram. For London Silver, focus on support around 38 - 45 dollars/ounce and resistance around 55 - 60 dollars/ounce. For Shanghai Silver, focus on support around 9,500 - 10,500 yuan/ten - grams and resistance around 12,400 - 13,000 yuan/ten - grams [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Trump's government can appoint more Fed officials, which may raise expectations of future interest rate cuts by the Fed. The possible end of the US federal government shutdown and the Fed's provision of liquidity, along with the expansion of fiscal policies globally and central banks' continuous gold - buying, as well as geopolitical risks, may support precious metal prices [1]. 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Gold - **Shanghai Gold**: The closing price was 944.31 yuan/gram, with a change of - 2.19 compared to the previous day and 26.80 compared to last week. The trading volume was 51666.00, down 11382.00 from the previous day. The inventory (in ten - gram units) was 89616.00, with no change from the previous day but an increase of 1800.00 compared to last week [1]. - **COMEX Gold Futures**: The closing price was 4133.20 dollars/ounce, with a change of 68.20 compared to the previous day and 260.10 compared to last week. The trading volume was 278020.00, up 33400.00 from the previous day. The inventory (in troy ounces) was 37575139.58, down 338082.64 from the previous day [1]. - **London Gold Spot**: The price was 4136.75 dollars/ounce, with a change of 13.45 compared to the previous day and 185.65 compared to last week. SPDR Gold ETF holdings were 1046.36 tons, with a change of 0.28 compared to the previous day [1]. 3.1.2 Silver - **Shanghai Silver**: The closing price was 12092.00 yuan/ten - gram, with a change of 227.00 compared to the previous day and 671.00 compared to last week. The trading volume was 870430.00, up 145316.00 from the previous day. The inventory (in ten - gram units) was 583060.00, down 56880.00 from the previous day [1]. - **COMEX Silver Futures**: The closing price was 53.23 dollars/ounce, with a change of 2.15 compared to the previous day and 6.33 compared to last week. The trading volume was 69857.00, up 41384.00 from the previous day. The inventory (in troy ounces) was 478191872.10, down 366186.53 from the previous day [1]. - **London Silver Spot**: The price was 51.54 dollars/ounce, with a change of 3.78 compared to the previous day and 0.29 compared to last week. iShare Silver ETF holdings were 482.31 tons, with a change of 1.29 compared to the previous day [1]. 3.1.3 Price Ratios - The ratio of Shanghai gold futures to Shanghai silver futures was 78.34, with a change of - 1.54 compared to the previous day and - 1.98 compared to last week. The ratio of New York gold futures to New York silver futures was 80.92, with a change of - 5.12 compared to the previous day and - 1.99 compared to last week [1]. 3.2 Important Information - The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The "third - in - command of the Fed" said the Fed may soon restart bond purchases to manage liquidity. US Treasury Secretary mentioned Trump's plan to issue $2000 tax refunds to families with annual incomes below $100,000 and "gradual" adjustment of US debt issuance [1]. 3.3 Trading Strategy - For silver, it is advisable to lay out long positions when prices fall. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890 and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45 and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500 and the resistance level is around 12400 - 13000 [1].

近期，美联储官员释放"鹰派"信号，在9—10月连续两次降息后，部分官员甚至认为，在鲍威尔任期届 满前可能不再实施宽松举措。这一"强硬"转向意味着美国将维持高利率环境更长时间，进而提振美元指 数再度走强。尽管美国参议院已就结束联邦政府"停摆"达成一致，但长达数周的"停摆"已对经济活动造 成实质性拖累。宏观预期转弱，将给燃料油期货市场带来多层面影响。 自10月下旬以来，受供应端扰动与需求端季节性疲软影响，国内高硫燃料油期货2601合约维持在 2600~2850元／吨区间内宽幅震荡。受国内外原油期货价格大幅回落拖累，昨日燃料油期货2601合约重 挫4%，跌至2600元／吨一线下方。在偏空氛围主导下，预计后市燃料油将维持震荡偏弱态势。 美元再度走强 首先，高利率环境会抑制全球经济增长预期，叠加美元维持强势，将打压以美元计价的大宗商品需求， 对燃料油价格形成上行压制。其次，美国政府"停摆"导致CPI、非农等关键经济数据延迟发布，削弱了 市场对通胀水平和消费能力的判断依据，增加了交易的波动性与风险。最后，美国经济不确定性上升， 企业投资与航运贸易活动可能趋于谨慎，间接抑制了船用燃料油消费需求。 第一，俄罗斯炼厂遭遇的地缘 ...

格隆汇11月13日｜在交易员权衡对供应过剩的担忧与欧佩克+闲置产能的萎缩以及俄罗斯制裁带来的风 险之际，油价在下午交易中维持在区间内。盛宝银行分析师表示："近期的前景继续显示出疲软，充足 的供应和疲弱的季节性需求是主要原因，但由于国际能源署的重大转变，长期前景变得更具建设 性。"IEA在其年度《世界能源展望》报告中恢复了一种情景，即在全球石油消费在现有政策下将持续 增长到2050年。然而，盛宝银行分析师指出，IEA也预测今年将出现更大的盈余，而欧佩克修订了第三 季度估算，称供应超过了需求——此举被广泛解读为长期预期的供应过剩已经到来的确认。 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Short - term oil prices may test the lower limit of the range again, and in the medium - term, attention should be paid to geopolitical risks and inventory inflection points. OPEC has adjusted its forecast for the global oil market in the third quarter from a supply shortage to a supply surplus due to higher - than - expected US production and increased supply from the organization itself. There is a need to be vigilant about the impact of the UK's sanctions on Russia and geopolitical conflicts in the Middle East on the market [6]. Summary by Relevant Catalogs 1. Daily Market Summary a. Crude Oil Futures Market Data Changes - On November 12, 2025, WTI and Brent futures prices rebounded significantly, with WTI closing at $60.99 per barrel (previous day $59.53), a gain of 2.45%, and Brent at $65.09 per barrel (previous day $63.57), a gain of 2.39%. SC crude oil prices fell slightly to 458.8 yuan per barrel (previous day 460.4 yuan). The SC - Brent spread changed from $1.08 per barrel to - $0.66 per barrel, and the SC - WTI spread narrowed from $5.12 per barrel to $3.44 per barrel, indicating the relative weakness of domestic SC crude oil compared to international oil prices. The Brent - WTI spread strengthened to $4.1 per barrel (previous day $4.04), suggesting tighter supply - demand in the European market [2]. b. Supply - Chain Supply, Demand, and Inventory Changes - **Supply**: Russia's seaborne oil product exports in October remained at 7.8 million tons, showing supply resilience. Chevron plans to increase production by 2% - 3% annually by 2030, and the possible restart of oil drilling leases off the California coast in the US may lead to a marginal loosening of long - term supply. However, short - term disruptions remain, such as the UK's plan to restrict LNG export services to Russia from 2026 and the potential impact of the non - approval of Lukoil's sanction waiver extension [3]. - **Demand**: Refinery demand is differentiated. Japan's refinery operating rate dropped slightly to 90.6% (previous week 91.4%), and the decrease in US gasoline inventory slowed, indicating a marginal slowdown in demand. Indian state - owned refiners' procurement of Russian ESPO crude shows support in Asian spot demand, and the US strategic petroleum reserve's purchase of 1 million barrels reflects clear policy support [4]. - **Inventory**: US API crude inventory increased by 1.3 million barrels (previous value + 6.52 million barrels), with a slower inventory build - up but still at a high level. Product inventories decreased, reflecting seasonal demand shifts. Japan's commercial crude inventory decreased by 354,000 liters to 10.38 million liters, but gasoline and kerosene inventories increased, showing a differentiated terminal replenishment rhythm [5]. c. Price Trend Judgment - Short - term prices may test the lower limit of the range again, and in the medium - term, attention should be paid to geopolitical risks and inventory inflection points. OPEC adjusted its third - quarter global oil market forecast from a shortage to a surplus, with a supply surplus of 500,000 barrels per day in the third quarter. There is a need to be vigilant about the UK's sanctions on Russia and geopolitical conflicts in the Middle East [6]. 2. Supply - Chain Price Monitoring a. Crude Oil - Futures prices: SC rose 1.61% to 466.2 yuan per barrel, WTI fell 4.19% to $58.48 per barrel, and Brent fell 3.63% to $62.73 per barrel. - Spot prices: OPEC's basket price remained unchanged, while some other spot prices had slight fluctuations. - Spreads: SC - Brent, SC - WTI, and Brent - WTI spreads all changed, with significant increases in SC - Brent and SC - WTI spreads. - Inventory: US commercial crude, Cushing, strategic reserve, and API inventories all increased. US refinery operating rate decreased slightly, and crude processing volume increased slightly [8]. b. Fuel Oil - Futures prices: FU rose 0.82% to 2,693 yuan per ton, LU rose 1.50% to 3,311 yuan per ton, and NYMEX fuel oil fell 4.28% to 247.13 cents per gallon. - Spot prices: Some spot prices of fuel oil increased slightly, while others remained unchanged. - Spreads: Singapore and Chinese high - low sulfur spreads changed, with an increase in the Chinese high - low sulfur spread [9]. 3. Industry Dynamics and Interpretation a. Supply - Russia's seaborne oil product exports in October were 7.804 million tons, similar to September. Chevron plans to increase oil and gas production by 2% - 3% annually by 2030. Indonesia expects an oil production of about 607,000 barrels per day in 2025. The Trump administration may open the California coast for oil drilling leases [10][11]. b. Demand - Indian state - owned refiner Indian Oil Corporation plans to purchase Russian ESPO and Sokol crude for early next year [12]. c. Inventory - US API inventories showed changes in various products, with a decrease in some and an increase in others. The US Energy Department purchased about 1 million barrels of crude for the strategic petroleum reserve. Japan's commercial crude inventory decreased, while gasoline and kerosene inventories increased [13][14]. d. Market Information - Lukoil applied to the US Treasury for an extension of the trading deadline. UK's BP is in talks to sell Castrol. UK plans to ban services for Russian LNG exports from 2026. Crude - related futures prices fell significantly [15].

日内收盘，沪金上涨1.56%，报收961.22元/克。 乌克兰外交部第一副部长基斯利察正式宣布，因今年数轮与俄罗斯的和平谈判均未取得实质性进展，乌 方已停止所有相关对话，且2025年底前不再启动新谈判，这一表态使俄乌和平进程彻底陷入停滞。 期货公司观点 俄罗斯外交部发言人扎哈罗娃随即回应，将停谈责任归咎于乌方，指责其破坏战俘交换协议。这一僵局 迅速引发全球金融市场震荡，避险情绪与能源、农产品供给担忧主导短期走势。 目前看，短期波动源于地缘风险升温，但长期走势仍取决于能源供给替代进度与央行政策。若战事延 长，全球通胀压力或再度抬头，美联储降息预期可能延后。对投资者而言，能源与贵金属的避险配置价 值上升，而欧洲制造业企业盈利将持续承压，市场避险与博弈情绪料将维持。 广发期货： 美国经济运行和就业市场持续受到政府"关门"和贸易摩擦的冲击，然而随着美联储内部分歧较大并释放 鹰派信号使短期政策不确定性增加。地缘政治、金融机构"爆雷"等风险事件频发，更多央行增持黄金， 投资者重塑资产定价体系对金融属性强的商品货币的配置比例仍将上升，中长期有望驱动贵金属有望重 现类似 1970 年代的牛市行情。但从前几轮金价上涨经验看，价 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term trend of precious metals is expected to be oscillating strongly, the medium - term trend is high - level oscillation, and the long - term trend is step - by - step upward. The core logic includes short - term hedging factors (Sino - US talks' negative impact is realized, geopolitical risks remain; US employment weakens and inflation is moderate, so the Fed's interest - rate cut expectation remains), hedging attributes (results of Sino - US economic and trade consultations are announced, and geopolitical risks in regions like Russia - Ukraine and the Middle East remain), monetary attributes (the expectation that the US government may end the shutdown and economic data recovery may create conditions for the Fed to cut interest rates next month boosts the market, with the US dollar index and US Treasury yields under pressure to fall), and commodity attributes (the CRB commodity index oscillates weakly, and the appreciation of the RMB is negative for domestic prices) [1]. - The gold price trend is the anchor for the silver price. In terms of capital, the net long position of CFTC silver and the iShare silver ETF have slightly increased positions. In terms of inventory, the recent explicit inventory of silver has slightly decreased [6]. 3. Summaries According to Relevant Catalogs Gold - **Data Summary**: International prices of Comex gold and London gold show different changes compared to the previous day and week. Domestic prices of Shanghai gold futures and gold T + D have increased. There are also various changes in basis, spreads, ratios, positions, inventories, and other data. For example, the Comex gold主力 contract's closing price is $4007.80 per ounce, up $23.00 (0.58%) from the previous day and down $5.60 (-0.14%) from the previous week [2]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [3]. Silver - **Data Summary**: International prices of Comex silver and London silver have different changes. Domestic prices of Shanghai silver futures and silver T + D have increased. There are also changes in basis, spreads, positions, inventories, etc. For example, the Comex silver主力 contract's closing price is $48.23 per ounce, up $0.38 (0.79%) from the previous day and down $0.02 (-0.05%) from the previous week [7]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels [7]. Fundamental Key Data - **Fed - related Data**: The federal funds target rate ceiling, discount rate, and reserve balance interest rate have all decreased by 0.25%. The Fed's total assets are $66236.43 billion, down $135.35 billion (-0.00%) from the previous period. M2's year - on - year growth rate is 4.49%, up 0.01% [9]. - **Other Economic Data**: The ten - year US Treasury real yield, US dollar index, US Treasury yield spreads, inflation data, economic growth data, labor market data, real estate market data, consumption data, industrial data, trade data, and economic survey data all show different trends and changes [9][11]. - **Other Key Indicators**: There are also data on central bank gold reserves, IMF foreign exchange reserve ratios, geopolitical risk index, VIX index, CRB commodity index, and offshore RMB exchange rate [11][13].

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints - The weak performance of the US private - sector employment supports the precious metal prices. The probability of the Fed's interest - rate cut in December has increased due to factors such as the decrease in the number of private - sector employees in October. Geopolitical risks and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: The closing price was 933.02 yuan/g, the trading volume was 63048.00, and the position volume was - 882.00. The spread between the near - month and far - month contracts was - 1.30, and the basis between the spot and futures was - 2.38 [1] - **Shanghai Silver**: The closing price was 11865.00 yuan/10g, the trading volume was 725114.00, and the position volume was 4243002.00. The spread between the near - month and far - month contracts was 40.00, and the basis between the spot and futures was - 15.00 [1] - **COMEX International Gold Futures**: The closing price was 4133.20 US dollars/ounce, the trading volume was 223800.00, and the position volume was 291850.00. The inventory was 37575139.58 troy ounces [1] - **London Gold Spot**: The price was 4123.30 US dollars/ounce, and the holdings of SPDR Gold ETF were 1041.78 tons, and iShare Gold ETF were 482.31 tons [1] - **COMEX International Silver Futures**: The closing price was 51.08 US dollars/ounce, the trading volume was 69857.00, and the position volume was 94353.00 [1] - **London Silver Spot**: The price was 51.24 US dollars/ounce [1] 3.2 Price Ratios - The price ratio of gold to silver: Shanghai gold spot/Shanghai silver spot was 79.87, New York gold/New York silver was 80.92, and London gold spot/London silver spot was 81.74 [1] 3.3 Other Commodity and Financial Market Data - **Crude Oil**: INE crude oil was 458.80 yuan/barrel, ICE Brent oil was 63.94 US dollars/barrel, and NYMEX crude oil was 60.05 US dollars/barrel [1] - **Copper**: Shanghai copper futures were 86630.00 yuan/ton, and LME spot copper was 10840.00 US dollars/ton [1] - **Steel and Iron Ore**: Shanghai rebar was 3044.00 yuan/ton, and Dalian iron ore was 763.00 yuan/ton [1] - **Interest Rates**: The inter - bank lending rate SHIBO was 1.32, and the 10 - year US Treasury nominal yield was 4.1300 [1] - **Exchange Rates**: The US dollar index was 99.4792, the US dollar to RMB central parity rate was 7.0866, and the euro to RMB central parity rate was 8.1986 [1] - **Stock Indexes**: The Shanghai Composite Index was 4018.5972, the S&P 500 was 6851.9700, the UK FTSE 100 was 9787.1500, etc. [1] 3.4 Important Information - According to ADP, the US private sector lost an average of 11250 jobs per week in the four weeks ending October 25th. The White House National Economic Council Director said that some US data for October may be lost forever [1] 3.5 Long - Short Logic - The Republican Party's agreement to vote on extending the ACA subsidies in December is expected to lead to some cash outflows from the US Treasury's general account. The decrease in private - sector employment in October has increased the probability of the Fed's interest - rate cut in December. Geopolitical risks, the expansion of fiscal deficits in many countries, and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3.6 Trading Strategy - It is advisable to go long when the price drops. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890, and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45, and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500, and the resistance level is around 12000 - 12500 [1]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, has seen an increase in holdings to 1,046.36 tons as of November 11, 2025, reflecting a rise of 4.3 tons from the previous trading day, amid a rebound in gold prices which are trading above $4,100 per ounce [7]. Group 1: Gold ETF Holdings - As of November 11, 2025, SPDR Gold Trust's total holdings stand at 1,046.36 tons of gold, marking an increase of 4.3 tons from the prior day [7]. - The increase in gold ETF holdings coincides with a rise in spot gold prices, which reached a three-week high of $4,148.73 per ounce during the trading session [7]. Group 2: Market Conditions and Price Movements - On November 11, spot gold prices fluctuated, closing at $4,126.62 per ounce, up by $10.91 or 0.27% [7]. - The price of gold is supported by expectations of Federal Reserve easing and geopolitical risks, leading to a generally optimistic short-term outlook for gold prices [7][8]. - Recent employment data has reignited market hopes for interest rate cuts, with private sector layoffs averaging 11,250 per week, indicating challenges in job creation [8]. Group 3: Technical Analysis - Gold has broken out of a consolidation range between $3,900 and $4,050, confirming a bullish breakout, although upward momentum appears to be stalling [8]. - The daily chart shows a neutral to bullish pattern, while the 4-hour chart indicates that gold prices are above all major moving averages, supporting further upward movement [8]. Group 4: Price Resistance and Support Levels - A strong breakout above the $4,150 resistance level could enhance bullish momentum, targeting $4,200 and potentially retesting historical highs around $4,381 [9]. - Key support levels are identified at $4,100 and a stronger support near $4,050 [9].