by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST GOLD
August gold futures closed down $9.50 at $882.10 yesterday. Prices closed near mid-range yesterday. A firmer U.S. dollar and sharply lower crude oil prices pressured gold yesterday. 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 the June low of $859.60. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at the June high of $912.50. First resistance is seen at yesterday’s high of $892.90 and then at $900.00. Support is seen at yesterday’s low of $875.20 and then at $870.00.
Wyckoff’s Market Rating: 4.0
JULY SILVER
July silver futures closed down 5.8 cents at $16.575 an ounce yesterday. Prices closed nearer the session low again yesterday. Prices are still in a sideways trading range bound by the June high of $17.67 and the June low of $16.25. The direction in which prices break out of this range is likely to be the next near-term trend of the market. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $17.75 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the June low of $16.25. First resistance is seen at yesterday’s high of $16.82 and then at $17.00. Next support is seen at yesterday’s low of $16.46 and then at $16.25.
Wyckoff’s Market Rating: 4.0
JULY N.Y. COPPER
July N.Y. copper closed down 65 points at 378.15 cents yesterday. Prices closed near mid-range. Bulls still have the slight near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 370.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at this week’s high of 385.05 cents. First resistance is seen at yesterday’s high of 381.95 cents and then at 385.05 cents. First support is seen at 375.00 cents and then at yesterday’s low of 373.45 cents.
Wyckoff’s Market Rating: 5.5
