METALS: August gold futures closed down $16.90 an ounce at $1,317.90 yesterday. Prices closed nearer the session low yesterday after hitting a five-week high early on. Price action yesterday also scored a bearish “outside day” down on the daily bar chart. The key “outside markets” were in a fully bearish daily posture for the gold market yesterday as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. Bears have the overall near-term technical advantage. However, a three-week-old price uptrend is in place on the daily chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at $1,323.00 and then at $1,338.00. First support is seen at yesterday’s low of $1,312.70 and then at $1,300.00. Wyckoff’s Market Rating: 3.0
September silver futures closed down $0.199 an ounce at $20.055 yesterday. Prices closed nearer the session low yesterday. The key “outside markets” were in a fully bearish daily posture for the silver market yesterday as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. Prices are still in a three-week-old uptrend on the daily chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $21.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $19.215. First resistance is seen at this week’s high of $20.595 and then at $20.75. Next support is seen at yesterday’s low of $19.965 and then at this week’s low of $19.495. Wyckoff’s Market Rating: 3.0.
September N.Y. copper closed down 130 points at 318.50 cents yesterday. Prices closed nearer the session low after hitting a fresh five-week high early on yesterday. The key “outside markets” were in a fully bearish daily posture for the copper market yesterday as the U.S. dollar index was solidly higher and crude oil prices were sharply lower. Copper are in a four-week-old uptrend 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 325.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 305.00 cents. First resistance is seen at 320.00 cents and then at yesterday’s high of 323.40 cents. First support is seen at yesterday’s low of 316.50 cents and then at this week’s low of 314.40 cents. Wyckoff’s Market Rating: 3.5.
