August gold futures closed up $5.30 at $928.60 yesterday. Prices closed nearer the session high and were boosted by a weaker U.S. dollar yesterday. Gold will continue to closely track the value of the U.S. dollar, in an inverse fashion. A three-week-old uptrend 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 $913.00. Gold bulls' next upside price objective is to produce a close above solid technical resistance at last week's high of $950.00. First resistance is seen at yesterday's high of $930.50 and then at this week's high of $935.30. Support is seen at yesterday's low of $917.20 and then at $913.00.
Wyckoff's Market Rating: 6.0
DECEMBER SILVER
December silver futures closed up 23.9 cents at $18.34 an ounce yesterday. Prices closed nearer the session high yesterday.
The bulls have the near-term technical advantage. Bulls'
next upside price objective is closing prices above solid technical resistance at last week's high of $18.725 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $17.70. First resistance is seen at this week's high of $18.47 and then at $18.725. Next support is seen at $18.00 and then at this week's low of $17.70.
December N.Y. copper closed up 430 points at 372.05 cents yesterday. Prices closed nearer the session high but did hit a fresh three-week low early on yesterday. Short covering and bargain-hunting buying were featured yesterday. Serious near- term chart damage has been inflicted this week. The next downside price objective for the bears is closing prices below solid technical support at yesterday's low of 362.75 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 380.00 cents.
First resistance is seen at yesterday's high of 373.00 cents and then at 375.00 cents. First support is seen at 370.00 cents and then at 366.70 cents.
Wyckoff's Market Rating:
5.0
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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