June gold futures closed up $8.40 at $928.60 yesterday. Prices closed near the session high yesterday and hit another fresh four-week high. Gains in gold were again supported by a solidly lower U.S. dollar yesterday and record high crude oil prices. A three-week-old uptrend is in place from the May low. Bulls have fresh upside near-term technical momentum and gained more power yesterday. Gold bulls' next upside price objective is to produce a close above solid technical resistance at the April high of $956.20. Bears' next downside price objective is closing prices below solid technical support at $900.00. First resistance is seen at yesterday's high of $933.00 and then at $940.00. Support is seen at $920.00 and then at yesterday's low of $916.50.
Wyckoff's Market Rating: 7.0
JULY SILVER
July silver futures closed up 32.5 cents at $18.05 an ounce yesterday. Prices closed nearer the session high yesterday and hit a fresh five-week high. Prices this week have seen a bullish upside "breakout" from a trading range. Bulls have the near-term technical advantage and gained more upside power yesterday. Bulls' next upside price objective is closing prices above solid technical resistance at the April high of $18.88 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.90. First resistance is seen at yesterday's high of $18.16 and then at $18.25. Next support is seen at $17.75 and then at yesterday's low of $17.61.
July N.Y. copper closed down 320 points at 374.45 cents yesterday. Prices closed nearer the session low yesterday. Copper bulls' next upside objective is closing prices above solid technical resistance at last week's high of 385.95 cents. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 365.25 cents. First resistance is seen at yesterday's high of 378.10 cents and then at 380.00 cents. First support is seen at yesterday's low of 372.10 cents and then at 370.00 cents.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another including commodity futures trading in Softs and Metals. Click here for full
bio >>
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