April gold futures closed down $35.10 an ounce at $1,569.50 yesterday. Prices closed nearer the session low yesterday and hit a fresh 7.5-month low. Serious near-term technical damage has been inflicted recently, including more yesterday. The key “outside markets” were fully bearish for gold yesterday, as the U.S. dollar index was sharply higher and crude oil prices were sharply lower. Gold prices are in an accelerating four-week-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,618.80. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the May 2012 low of $1,538.70. First resistance is seen at $1,570.00 and then at $1,580.00. First support is seen at yesterday’s low of $1,558.10 and then at $1,550.00. Wyckoff’s Market Rating: 2.5
March silver futures closed down $0.927 an ounce at $28.505 yesterday. Prices closed nearer the session low and hit another fresh six-month low yesterday. The key “outside markets” were fully bearish for silver yesterday, as the U.S. dollar index was sharply higher and crude oil prices were sharply lower. Serious near-term technical damage has been inflicted in silver recently. March silver bears have the solid near-term technical advantage and gained more downside momentum yesterday. Prices are in an accelerating four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $30.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $28.00. First resistance is seen at $29.00 and then at yesterday’s high of $29.615. Next support is seen at yesterday’s low of $28.31 and then at $28.00. Wyckoff’s Market Rating: 2.5.
March N.Y. copper closed down 465 points at 360.30 cents yesterday. Prices closed nearer the session low yesterday and hit a fresh seven-week low as the bulls have faded badly. The key “outside markets” were fully bearish for copper yesterday, as the U.S. dollar index was sharply higher and crude oil prices were sharply lower. Copper bulls and bears are now back on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 370.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the December low of 352.30 cents. First resistance is seen at 362.50 cents and then at 365.00 cents. First support is seen at yesterday’s low of 359.75 cents and then at 357.50 cents. Wyckoff’s Market Rating: 5.0.
