by Jim Wyckoff, Senior Analyst TraderPlanet.com

JUNE GOLD

June COMEX gold futures closed up $7.90 at $661.00 today. Prices closed near the session high today on short covering and on a rebound in the Chinese stock market after sharp losses earlier this week. Bears still have the slight near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart. Bears’ next downside price objective is closing prices below strong technical support at this week’s and last week’s low of $651.50. Gold bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $665.90 an ounce. First resistance is seen at today’s high of $662.00 and then at $665.90. Support is seen at $657.50 and then at $654.00.

Wyckoff’s Market Rating: 4.5.

JULY SILVER

July silver futures closed up 25.0 cents at $13.47 an ounce today. Prices closed nearer the session high today and hit a fresh three-week high. Bulls regained the near-term technical advantage today. The next upside price objective for the bulls is closing prices above solid resistance at the May high of $13.705. The next downside price objective for the bears is closing prices below solid technical support at $13.20. First resistance is seen at today’s high of $13.58 and then at $13.705. Next support is seen at $13.40 and then at $13.20.

Wyckoff’s Market Rating: 6.0.

JULY N.Y. COPPER

July N.Y. copper closed up 920 points at 339.55 cents today. Prices closed near the session high today on a rebound in the Chinese stock market. Bulls’ are regaining some technical momentum and their next upside objective is closing prices above technical resistance at 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 316.50 cents. First resistance is seen at 340.00 cents and then at 345.00 cents. First support is seen at 335.00 cents and then at 330.00 cents.

Wyckoff’s Market Rating: 6.0.

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Source: VantagePoint Intermarket Analysis Software