February gold futures closed down $2.60 an ounce at $1,653.90 yesterday. Prices closed nearer the session low yesterday. Prices hit a fresh two-week low yesterday as the bulls are fading. Gold closed at a bearish weekly low close on Friday and closed lower for the fourth straight session yesterday. Bears now have the slight near-term technical advantage but also have momentum on their side. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,675.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the January low of $1,626.00. First resistance is seen at yesterday’s high of $1,661.60 and then at $1,671.60. First support is seen at $1,650.00 and then at $1,640.00. Wyckoff’s Market Rating: 4.5

March silver futures closed down $0.406 an ounce at $30.80 yesterday. Prices closed nearer the session low yesterday. The silver bulls have faded recently, including a bearish weekly low close on Friday. Bulls and bears are now on a level near-term technical playing field. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $32.485 an ounce. The next downside price breakout objective for the bears is closing prices below major psychological support at $30.00. First resistance is seen at $31.00 and then at yesterday’s high of $31.32. Next support is seen at yesterday’s low of $30.745 and then at $31.535. Wyckoff’s Market Rating: 5.0.

March N.Y. copper closed up 45 points at 365.65 cents yesterday. Prices closed near mid-range yesterday. Copper bulls and bears are presently on a level near-term technical playing field. Prices are in a choppy 10-week-old uptrend on the daily bar chart. A bullish symmetrical triangle pattern has formed 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 the January low of 359.95 cents. First resistance is seen at yesterday’s high of 367.70 cents and then at 370.00 cents. First support is seen at yesterday’s low of 364.45 cents and then at 362.500 cents. Wyckoff’s Market Rating: 5.0.