METALS

December gold futures closed up $2.00 an ounce at $1,372.10 today. Prices closed near mid-range. Gold managed slight gains despite a stronger U.S. dollar index, which does encourage the gold market bulls. The gold market bulls and bears are on a level near-term technical playing field. A seven-week-old uptrend is in place 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 $1,400.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,325.00. First resistance is seen at this week’s high of $1,384.10 and then at $1,390.00. First support is seen at $1,359.20 and then at this week’s low of $1,351.60. Wyckoff’s Market Rating: 5.0

September silver futures closed up $0.092 an ounce at $23.06 today. Prices closed nearer the session high today. Silver bulls have the near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $24.00 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 today’s high of $23.325 and then at this week’s high of $23.605. Next support is seen at Wednesday’s low of $22.755 and then at today’s low of $22.45. Wyckoff’s Market Rating: 6.0.

September N.Y. copper closed up 190 points at 332.55 cents today. Prices closed near mid-range today. Copper bulls have the overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the June high of 341.25 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 317.50 cents. First resistance is seen at 335.00 cents and then at today’s high of 336.85 cents. First support is seen at 330.00 cents and then at this week’s low of 328.70 cents. Wyckoff’s Market Rating: 6.0.