METALS: April gold futures closed up $7.00 an ounce at $1,614.50 yesterday. Prices closed nearer the session high and hit a fresh three-week high yesterday on safe-haven and fresh speculative buying. The gold bears still have the slight overall near-term technical advantage. However, the bulls have gained decent upside near-term chart momentum to begin to suggest that a market low is in place. A bullish weekly high close on Friday would provide the bulls with better upside near-term chart momentum. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,619.70. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,575.00. First resistance is seen at yesterday’s high of $1,616.50 and then at $1,619.70. First support is seen at yesterday’s low of $1,603.60 and then at $1,600.00. Wyckoff’s Market Rating: 4.75

May silver futures closed up $0.393 an ounce at $29.21 yesterday. Prices closed nearer the session high yesterday. Silver bears still have the near-term technical advantage. However, prices have been trading sideways for the past few weeks as the bulls try to stabilize the market. This sideways trading could be “basing” action that can put in market lows and occurs just before an uptrend begins. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $29.495 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $28.40. First resistance is seen at $29.35 and then at $29.495. Next support is seen at $29.00 and then at yesterday’s low of $28.705. Wyckoff’s Market Rating: 4.0.

May N.Y. copper closed down 110 points at 343.55 cents yesterday. Prices closed nearer the session low yesterday. The key “outside markets” were bearish for the copper market yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Copper bears have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 351.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August 2012 low of 332.00 cents. First resistance is seen at 345.35 cents and then at 347.25 cents. First support is seen at yesterday’s low of 342.10 cents and then at 340.00 cents. Wyckoff’s Market Rating: 3.0.