METALS: August gold futures closed down $86.10 an ounce at $1,287.80 today. Prices closed near the session low and careened to a fresh 2.5-year low, producing fresh, major chart damage to suggest another leg down in prices in the coming weeks. The key “outside markets” were fully bearish for gold today as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. The gold bears have the strong overall near-term technical advantage. Prices are in an eight-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 the May low of $1,338.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at $1,300.00 and then at the April low of $1,323.00. First support is seen at $1,275.00 and then at $1,250.00. Wyckoff’s Market Rating: 1.0
July silver futures closed down $1.858 an ounce at $19.755 today. Prices closed near the session low today and slumped to a fresh 2.5-year low. Major near-term chart damage was inflicted today to suggest more downside price pressure in the coming weeks. The key “outside markets” were fully bearish for silver today as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. Silver bears have the strong overall near-term technical advantage. Prices are in an eight-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the April low of $21.12 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $19.00. First resistance is seen at $20.00 and then at the May low of $20.25. Next support is seen at today’s low of $19.64 and then at $19.50. Wyckoff’s Market Rating: 1.0.
July N.Y. copper closed down 830 points at 305.80 cents today. Prices closed nearer the session low and hit a fresh contract low. The key “outside markets” were fully bearish for copper today as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. Copper bears have the solid near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 320.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at 307.50 cents and then at 310.00 cents. First support is seen at today’s contract low of 304.05 cents and then at 302.50 cents. Wyckoff’s Market Rating: 1.0.
