by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $1.50 at $889.70 yesterday. Prices closed nearer the session low yesterday amid a firmer U.S. dollar. Gold bulls still have some upside near-term technical momentum on their side. A bullish pennant pattern may be forming on the daily bar chart. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at last week’s high of $926.00. Bears’ next downside price objective is closing prices below solid technical support at $850.00. First resistance is seen at $900.00 and then at yesterday’s high of $907.80. Support is seen at yesterday’s low of $880.40 and then at $870.00.
Wyckoff’s Market Rating: 7.0.
DECEMBER SILVER
December silver futures closed up 22.5 cents at $13.395 an ounce yesterday. Prices closed near mid-range yesterday. Bulls have some near-term technical momentum on their side and their next upside price objective is closing prices above psychological resistance at $14.00 an ounce. The next downside price objective for the bears is closing prices below psychological support at $12.00. First resistance is seen at this week’s high of $13.75 and then at $14.00. Next support is seen at yesterday’s low of $13.135, at $13.00 and then at this week’s low of $12.54.
Wyckoff’s Market Rating: 5.5.
DECEMBER N.Y. COPPER
December N.Y. copper closed down 470 points at 310.50 cents yesterday. Prices closed near the session low amid a firmer U.S. dollar yesterday. Bears still have the near-term technical advantage in copper. Prices are still in an 11-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 300.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at last week’s high of 330.30 cents. First support is seen at yesterday’s low of 308.30 cents and then at 305.00 cents. First resistance is seen at 315.00 cents and then at yesterday’s high of 318.15 cents.
Wyckoff’s Market Rating: 2.5.
