METALS: August gold futures closed up $21.40 an ounce at $1,413.00 yesterday. Prices closed nearer the session high and hit a fresh two-week high yesterday. A weaker U.S. dollar index and safe-haven demand boosted gold yesterday. The gold bears still have the overall near-term technical advantage, but the bulls did gain a bit of upside momentum yesterday. Prices are still in a 7.5-month-old downtrend on the daily bar chart. However, good gains in the near term would begin to produce a bullish double-bottom reversal pattern 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 $1,372.80. First resistance is seen at yesterday’s high of $1,417.70 and then at $1,425.00. First support is seen at $1,400.00 and then at yesterday’s low of $1,388.40. Wyckoff’s Market Rating: 3.5
July silver futures closed up $0.252 an ounce at $22.71 yesterday. Prices closed near mid-range yesterday and were supported by short covering and a lower U.S. dollar index. Silver bears still have the overall near-term technical advantage. Prices are in a 7.5-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $23.29 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $22.00. First resistance is seen at yesterday’s high of $23.06 and then at $23.29. Next support is seen at yesterday’s low of $22.31 and then at $22.00. Wyckoff’s Market Rating: 3.5.
July N.Y. copper closed up 105 points at 330.75 cents yesterday. Prices closed nearer the session high on short covering. A weaker U.S. dollar index was also supportive for copper yesterday. Copper bulls and bears are on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at last week’s high of 341.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 322.40 cents. First resistance is seen at this week’s high of 334.55 cents and then at 337.50 cents. First support is seen at yesterday’s low of 325.70 cents and then at 322.40 cents. Wyckoff’s Market Rating: 5.0.
