METALS
June gold futures closed up $8.50 an ounce at $1,391.10 on Thursday. Prices closed nearer the session high yesterday on short covering and bargain hunting. The key “outside markets” were in a bullish posture for gold yesterday as the U.S. dollar index was weaker and crude oil prices were higher. Bulls are trying to stabilize the market but are still in serious technical trouble. Major near-term and longer-term chart damage has been inflicted recently. Gold prices are still in a six-month-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 $1,450.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at this week’s low of $1,321.50. First resistance is seen at this week’s high of $1,404.20 and then at $1,425.00. First support is seen at $1,375.00 and then at $1,365.00. Wyckoff’s Market Rating: 2.0
May silver futures closed down $0.077 an ounce at $23.23 Thursday. Prices closed nearer the session high on tepid short covering. The key “outside markets” were in a bullish posture for silver yesterday as the U.S. dollar index was weaker and crude oil prices were higher. Major near-term and longer-term technical damage has been inflicted in silver recently and the bears are in command, overall. Silver prices are in a six-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $22.00. First resistance is seen at Wednesday’s high of $23.725 and then at $24.00. Next support is seen at Wednesday’s low of $22.835 and then at Thursday’s low of $22.435. Wyckoff’s Market Rating: 1.5.
May N.Y. copper closed up 150 points at 320.25 cents Thursday. Prices closed nearer the session high after hitting another fresh 1.5-year low today. The key “outside markets” were in a bullish posture for copper yesterday as the U.S. dollar index was weaker and crude oil prices were higher. Yesterday’s price action in copper could have produced a bullish selling “exhaustion tail” on the daily bar chart. That occurs when prices spike lower but then the bears become exhausted and prices rebound well off the daily low to close near the daily high. Good buying interest on Friday would begin to suggest a market low is in place in copper. But right now copper bears still have the solid overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 332.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at yesterday’s low of 306.00 cents. First resistance is seen at yesterday’s high of 321.15 cents and then at 325.00 cents. First support is seen at Wednesday’s low of 317.55 cents and then at 315.00 cents. Wyckoff’s Market Rating: 1.5.
