February gold futures closed down $24.90 an ounce at $1,719.80 yesterday. Prices closed nearer the session low yesterday amid reports of a huge sell order hitting the market at the open. Options-related selling was also likely responsible for some of yesterday’s downside pressure. A three-week-old uptrend line on the daily bar chart was negated yesterday. While no serious chart damage was inflicted yesterday, the bulls have faded, technically, and need to step up and show fresh power soon. Gold bulls still have the overall near-term technical advantage. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the November high of $1,757.10. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,700.00. First resistance is seen at $1,730.00 and then at $1,740.00. First support is seen at yesterday’s low of $1,707.90 and then at $1,700.00. Wyckoff’s Market Rating: 6.0
March silver futures closed down $0.294 an ounce at $33.78 yesterday. Prices closed nearer the session high yesterday and saw more profit taking. A three-week-old uptrend is still in place on the daily bar chart and silver bulls have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $35.51 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.50. First resistance is seen at yesterday’s high of $34.13 and then at this week’s high of $34.37. Next support is seen at $33.50 and then at $33.00. Wyckoff’s Market Rating: 6.5.
March N.Y. copper closed down 190 points at 353.20 cents yesterday. Prices closed nearer the session high yesterday. Copper bears still have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 360.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 341.45 cents. First resistance is seen at yesterday’s high of 355.25 cents and then at the November high of 357.65 cents. First support is seen at 350.00 cents and then at 348.25 cents. Wyckoff’s Market Rating: 4.0.
