August gold futures closed up $13.10 at $884.30 today. Prices closed nearer the session high on short covering amid a weaker dollar and higher crude oil prices today. The bulls are still in some near-term technical trouble. A three-month-old downtrend is still in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at this week's low of $866.70. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $900.00. First resistance is seen at today's high of $885.90 and then at $890.00. Support is seen at $880.00 and then at $875.00.
Wyckoff's Market Rating: 5.0
JULY SILVER
July silver futures closed up 29.5 cents at $16.93 an ounce today. Prices closed near the session high today. Bulls and bears are back on a level near-term technical playing field. Bulls' next upside price objective is closing prices above solid technical resistance at this week's high of
$17.67 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.45. First resistance is seen at $17.00 and then at $17.25. Next support is seen at $16.75 and then at today's low of $16.54.
July N.Y. copper closed up 180 points at 357.80 cents today. Prices closed nearer the session high today. Short covering was featured. The fact that cotton could only make modest gains amid big rallies in other commodity markets shows how weak this market is at present. The bears still have the near-term technical advantage. Prices are still trending lower from the early-May spike high. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 351.20 cents. Bulls' next upside objective is closing prices above solid technical resistance at last week's high of 367.00 cents. First resistance is seen at today's high of 360.00 cents and then at 362.50 cents. First support is seen at 354.80 cents and then at today's low of 352.30 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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