December gold futures closed down $29.30 at $929.40 yesterday. Prices closed nearer the session low yesterday and hit another fresh two-week low. A stronger U.S. dollar and sharply lower crude oil prices sunk gold again yesterday. Near-term chart damage occurred yesterday as a six-week-old uptrend on the daily bar chart was penetrated on the downside and negated. Gold will continue to track the value of the U.S. dollar, in an inverse fashion. Bears' next downside price objective is closing prices below solid technical support at $920.00. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $960.00. First resistance is seen at $940.00 and then at $950.00. Support is seen at yesterday's low of $927.70 and then at the July low of $923.40.
Wyckoff's Market Rating: 5.0
DECEMBER SILVER
December silver futures closed down 59.1 cents at $17.57 an ounce yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Serious near-term chart damage has been inflicted this week to suggest a near-term market top is in place. Bulls' next upside price objective is closing prices above solid technical resistance at $18.25 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $17.00. First resistance is seen at $17.70 and then at $17.87. Next support is seen at yesterday's low of $17.50 and then at $17.25.
December N.Y. copper closed down 475 points at 362.15 cents yesterday. Prices closed nearer the session low and hit a fresh five-week low yesterday. Bears have the near-term technical advantage and gained fresh downside momentum yesterday, amid a firmer U.S. dollar. The next downside price objective for the bears is closing prices below solid technical support at the June low of 350.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at this week's high of 371.65 cents. First support is seen at yesterday's low of 360.00 cents and then at 357.50 cents. First resistance is seen at 365.00 cents and then at yesterday's high of 367.60 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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