METALS: February gold futures closed down $6.50 an ounce at $1,686.60 yesterday. Prices closed nearer the session low yesterday. Some profit taking and chart consolidation were featured following recent gains. Gold bulls and bears are on a level near-term technical playing field. 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 last week’s high of $1,697.80 and then at $1,700.00. First support is seen at yesterday’s low of $1,683.10 and then at $1,675.00. Wyckoff’s Market Rating: 5.0
March silver futures closed up $0.193 an ounce at $32.37 yesterday. Prices closed nearer the session high again yesterday and hit another fresh five-week high. The silver bulls have the near-term technical advantage and have some fresh upside momentum on their side. Bulls’ next upside price breakout objective is closing prices above solid technical
resistance at $33.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $30.79. First resistance is seen at $32.50 and then at $32.75. Next support is seen at $32.00 and then at this week’s low of $31.815. Wyckoff’s Market Rating: 6.0.
March N.Y. copper closed down 195 points at 368.55 cents yesterday. Prices closed nearer the session low yesterday. Copper bulls and bears are presently on a level near-term technical playing field. Prices are in a choppy nine-week-
old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the January high of 375.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 359.95 cents. First resistance is seen at 370.00 cents and then at yesterday’s high of 371.15 cents. First support is seen at yesterday’s low of 367.65 cents and then at this week’s low of 366.200 cents. Wyckoff’s Market Rating: 5.0.
