by Jim Wyckoff, SeniorAnalyst TraderPlanet.com

DECEMBER GOLD

December gold futures closed up $19.40 at $834.00 yesterday. Prices closed near the session high yesterday on short covering in a bear market and amid big gains in crude oil yesterday. Bears still have the near-term technical advantage. Prices are still in a steep four-week-old downtrend on the daily bar chart. Bears’ next downside price objective is closing prices below solid technical support at this week’s low of $808.60. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at the May low of $858.80. First resistance is seen at yesterday’s high of $836.40 and then at $840.00. Support is seen at $830.00 and then at $825.00.

Wyckoff’s Market Rating: 3.5

DECEMBER SILVER

December silver futures closed up 41.1 cents at $15.025 an ounce yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Bears still have the solid near-term technical advantage. A steep four-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $15.565 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $14.13. First resistance is seen at yesterday’s high of $15.06 and then at $15.25. Next support is seen at $14.66 and then at yesterday’s low of $14.475.

Wyckoff’s Market Rating: 3.0

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Source: VantagePoint Intermarket Analysis Software

DECEMBER N.Y. COPPER

December N.Y. copper closed up 1,240 points at 334.20 cents yesterday. Prices closed near the session high yesterday on short covering in a bear market. Bears still have the near-term technical advantage. A steep five-week-old downtrend is still in place on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 321.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 346.00 cents. First support is seen at 330.00 cents and then at 325.00 cents. First resistance is seen at yesterday’s high of 336.65 cents and then at 340.00 cents.

Wyckoff’s Market Rating: 3.5