Metals Market Commentary

August gold futures closed up $9.70 an ounce at $1,580.70 yesterday. Prices closed near mid-range yesterday. Same story: Trading remains choppy and sideways on the daily bar chart as bulls and bears struggle for near-term technical control, with neither gaining much headway. The key "outside markets" were in a bullish posture for gold yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. The gold bulls' next upside price breakout objective is to produce a close above solid technical resistance at the July high of $1,625.70. Bears' next near-term downside price objective is closing prices below solid technical support at $1,547.60. First resistance is seen at yesterday's high of $1,591.50 and then at $1,600.00. First support is seen at this week's low of $1,567.20 and then at the July low of $1,554.40.

Wyckoff's Market Rating: 5.0

September silver futures closed up $0.105 an ounce at $27.20 yesterday. Prices closed nearer the session low yesterday. The key "outside markets" were in a bullish posture for silver yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. Silver bears still have the overall near-term technical advantage and trading has been choppy recently. Prices are still in a 4.5-month-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $26.105. First resistance is seen at this week's high of $27.595 and then at $28.00. Next support is seen at this week's low of $26.72 and then at the July low of $26.425.

Wyckoff's Market Rating: 3.0.

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Source: VantagePoint Intermarket Analysis Software

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September N.Y. copper closed up 560 points 353.00 cents yesterday. Prices closed nearer the session high yesterday. The key "outside markets" were in a bullish posture for copper yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. Copper bulls have the near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 355.65 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of 338.20 cents. First resistance is seen at yesterday's high of 354.50 cents and then at 355.65 cents. First support is seen at 350.00 cents and then at yesterday's low of 346.95 cents.

Wyckoff's Market Rating: 6.0.

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