February gold futures closed down $1.30 an ounce at $1,669.40 yesterday. Prices closed near mid-range yesterday and closed at a fresh 3.5-month low close. Bullish outside markets did limit the downside in gold yesterday, as the U.S. dollar index was lower and crude oil prices were sharply higher. Serious near-term chart damage has been inflicted this week, to re-establish a 2.5-month-old downtrend on the daily bar chart. Gold bears have the overall near-term technical advantage. The gold bulls’ next upside price breakout objective is to produce a close above psychological resistance at $1,700.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,650.00. First resistance is seen at yesterday’s high of $1,677.80 and then at 1,684.10. First support is seen at this week’s low of $1,662.00 and then at $1,650.00. Wyckoff’s Market Rating: 4.0
March silver futures closed down $0.399 an ounce at $31.27 yesterday. Prices closed nearer the session low again yesterday and hit another fresh six-week low. The silver bears have the near-term technical advantage as prices are in a three-week-old downtrend on the daily bar chart. Near-term chart damage has been inflicted in silver recently, including more yesterday. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $32.75 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $30.79. First resistance is seen at $31.50 and then at yesterday’s high of $31.87. Next support is seen at yesterday’s low of $31.085 and then at $31.00. Wyckoff’s Market Rating: 4.0.
March N.Y. copper closed down 450 points at 360.85 cents yesterday. Prices closed near the session low and hit a fresh three-week low. Copper bulls still have the slight overall near-term technical advantage, but did fade yesterday and need to show fresh power soon. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the December high of 372.10 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 355.00 cents. First resistance is seen at 363.50 cents and then at 365.00 cents. First support is seen at yesterday’s low of 359.80 cents and then at 357.50 cents. Wyckoff’s Market Rating: 5.5.
