METALS: December gold futures closed down $1.50 an ounce at $1,733.40 yesterday. Prices closed nearer the session low yesterday after hitting another fresh six-month high early on. Profit taking and position evening were featured yesterday. Gold prices are in a two-month-old uptrend on the daily bar chart. The gold market bulls have the solid overall near-term technical advantage. The gold bulls’ next upside price breakout objective is to produce a close above solid
technical resistance at $1,775.00. Bears’ next near-term downside price objective is closing prices below psychological support at $1,700.00. First resistance is seen at yesterday’s high of $1,749.50 and then at $1,760.00. First support is seen at this week’s low of $1,727.00 and
then at $1,720.00. Wyckoff’s Market Rating: 7.5
December silver futures closed down $0.281 an ounce at $33.29 yesterday. Prices closed near mid-range yesterday and hit a fresh six-month high. Prices also scored a mildly bearish “outside day” down on the daily bar chart yesterday, whereby the high was higher and low was lower than the previous session’s trading range, with a lower close. If there is good follow-through selling pressure on Thursday, then a bearish “key reversal” down would be confirmed, and that would be an early technical clue that a near-term market top is in place. But right now silver bulls are still in firm near-term technical command. Prices are still in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $35.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.00. First
resistance is seen at last week’s high of $33.775 and then at yesterday’s high of $34.145. Next support is seen at $33.00 and then at yesterday’s low of $32.51. Wyckoff’s Market Rating: 7.0.
December N.Y. copper closed down 65 points at 369.05 cents yesterday. Prices closed near mid-range yesterday and hit another fresh four-month high. Some mild profit taking was seen yesterday following recent strong gains. Copper bulls have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 380.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at yesterday’s high of 373.15 cents and then at 375.00 cents. First support is seen at yesterday’s low of
366.20 cents and then at this week’s low of 363.30 cents. Wyckoff’s Market Rating: 7.0.
