December gold futures closed up $5.20 at $737.90 yesterday. Prices closed nearer the session low yesterday. Gold bears still have the overall near-term technical advantage. However, prices have been in a sideways trading range for four weeks. Bears’ next downside price objective is closing prices below solid technical support at last week’s low of $698.20. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $778.30. First resistance is seen at $750.00 and then at yesterday’s high of $764.80. Support is seen at this week’s low of $729.60 and then at $725.00.

Wyckoff’s Market Rating: 3.0

December silver futures closed down 25.0 cents at $9.30 an ounce yesterday. Prices closed near the session low yesterday. Bears still have the overall near-term technical advantage. Prices are still trading below a four-month-old downtrend line on the daily bar chart. Silver bulls’ next upside price objective is closing prices above psychological resistance at $10.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the October low of $8.40. First resistance is seen at $9.50 and then at yesterday’s high of $9.85. Next support is seen at this week’s low of $9.115 and then at $9.00.

Wyckoff’s Market Rating: 2.0

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Source: VantagePoint Intermarket Analysis Software


December N.Y. copper closed down 465 points at 161.55 cents yesterday. Prices closed near the session low and closed at a fresh contract low close yesterday. Copper bears still have the solid near-term technical advantage. Prices are still in a four-month-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 contract low of 157.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at last week’s high of 189.00 cents. First support is seen at yesterday’s low of 159.50 cents and then at the contract low of 157.00 cents. First resistance is seen at 165.00 cents and then at yesterday’s high of 168.75 cents.

Wyckoff’s Market Rating: 1.0