Metals Market Commentary from Jim Wyckoff

METALS: December gold futures closed down $11.20 anounce at $1,755.20 yesterday. Prices closed near mid-rangeagain yesterday and saw more profit taking and chartconsolidation. The key "outside markets" were in a bearishposture for gold yesterday as the U.S. dollar index was higherand crude oil prices were lower. Gold bulls still have theoverall near-term technical advantage, but did fade a bityesterday. The gold bulls' next upside price breakout objectiveis to produce a close above solid technical resistance atthe September high of $1,790.00. Bears' next near-termdownside price objective is closing prices below solidtechnical support at $1,720.00. First resistance is seen atyesterday's high of $1,768.40 and then at this week's high of$1,777.90. First support is seen at yesterday's low of$1,738.30 and then at $1,730.00. Wyckoff's Market Rating:7.0

December silver futures closed up $0.072 an ounce at $34.02yesterday. Prices closed nearer the session high yesterday and sawsome more profit taking early on and then some chartconsolidation. The key "outside markets" were in a bearishposture for silver yesterday as the U.S. dollar index washigher and crude oil prices were lower. Silver bulls arestill in firm near-term technical command. Prices are in anine-week-old uptrend on the daily bar chart. Bulls' nextupside price breakout objective is closing prices abovesolid technical resistance at the September high of $35.26an ounce. The next downside price breakout objective forthe bears is closing prices below solid technical supportat $32.51. First resistance is seen at this week's high of$34.585 and then at $35.00. Next support is seen at yesterday'slow of $33.36 and then at $33.00. Wyckoff's Market Rating:7.0.

December N.Y. copper closed down 420 points at 371.65 centsyesterday. Prices closed near mid-range yesterday. The key "outsidemarkets" were in a bearish posture for copper yesterday as theU.S. dollar index was higher and crude oil prices werelower. Copper bulls still have the overall near-termtechnical advantage. Prices are in a seven-week-old uptrendon the daily bar chart. Copper bulls' next upside breakoutobjective is pushing and closing prices above solidtechnical resistance at the September high of 383.95 cents.The next downside price breakout objective for the bears isclosing prices below solid technical support at 364.00cents. First resistance is seen at yesterday's high of 375.65cents and then at this week's high of 378.40 cents. Firstsupport is seen at 370.00 cents and then at yesterday's low of368.05 cents. Wyckoff's Market Rating: 6.0.