METALS: April gold futures closed up $10.60 an ounce at $1,606.30 yesterday. Prices closed nearer the session high yesterday and scored a bullish “outside day” up on the daily bar chart–whereby the daily high is higher low is lower than the previous day’s trading range, with a higher close. Safe-haven buying interest and short covering were featured yesterday. The gold bears still have the slight overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,616.50. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,575.00. First resistance is seen at this week’s high of $1,612.80 and then at $1,616,50. First support is seen at $1,600.00 and then at yesterday’s low of $1,590.30. Wyckoff’s Market Rating: 4.5
May silver futures closed up $0.026 an ounce at $28.705 yesterday. Prices closed nearer the session high yesterday and made a very good recovery from the session low that saw prices hit a fresh four-week low. Silver bears have the overall near-term technical advantage. Prices have been trading sideways for the past few weeks as the bulls have stabilized the market. This sideways trading could also 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 the March low of $27.925. First resistance is seen at this week’s high of $28.89 and then at $29.00. Next support is seen at $28.46 and then at yesterday’s low of $28.08. Wyckoff’s Market Rating: 4.0.
May N.Y. copper closed up 120 points at 345.45 cents yesterday. Prices closed nearer the session high yesterday on short covering. A bearish symmetrical triangle pattern has formed on the daily bar chart. 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 last 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 this week’s high of 348.65 cents and then at 350.00 cents. First support is seen at yesterday’s low of 342.45 cents and then at 340.00 cents. Wyckoff’s Market Rating: 3.0.
