METALS: December gold futures closed up $26.50 an ounce at $1,419.70 Tuesday. Prices closed nearer the session high and hit a nearly three-month high Tuesday. Safe-haven buying was featured, along with fresh technical buying interest.The key “outside markets” were also bullish for the gold market Tuesday, as the U.S. dollar index was lower and crude oil prices were sharply higher. The gold market bulls have the near-term technical advantage. A two-month-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 the June high of $1,426.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,384.00. First resistance is seen at $1,426.00 and then at $1,440.00. First support is seen at $1,400.00 and then at Tuesday’s low of $1,395.20. Wyckoff’s Market Rating: 6.0
September silver futures closed up $0.595 an ounce at $24.605 Tuesday. Prices closed nearer the session high Tuesday and hit another four-month high. Silver bulls have the near-term technical advantage and have gained more momentum recently. The key “outside markets” were also bullish for the silver market Tuesday, as the U.S. dollar index was lower and crude oil prices were sharply higher. Silver 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 $23.00. First resistance is seen at Tuesday’s high of $24.715 and then at $25.00. Next support is seen at Tuesday’s low of $23.98 and then at this week’s low of $23.80. Wyckoff’s Market Rating: 6.5.
September N.Y. copper closed up 80 points at 332.75 cents Tuesday. Prices closed nearer the session low again Tuesday. Copper bulls have the overall near-term technical advantage. Prices are in a two-month-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 320.00 cents. First resistance is seen at 335.00 cents and then at Tuesday’s high of 337.25 cents. First support is seen at 330.00 cents and then at last week’s low of 328.70 cents. Wyckoff’s Market Rating: 6.0.
