METALS
December gold futures closed down $5.90 an ounce at $1,326.60. Prices closed nearer the session low. The bulls are fading and have re-established a four-week-old downtrend on the daily bar chart. The gold market bears have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,375.40. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,291.50. First resistance is seen at today’s high of $1,332.00 and then at $1,340.00. First support is seen at today’s low of $1,313.40 and then at $1,300.00. Wyckoff’s Market Rating: 4.0
December silver futures closed down $0.067 an ounce at $21.865 today. Prices closed nearer the session high. Silver bears have the overall near-term technical advantage. A four-week-old downtrend on the daily bar chart has been re-established. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $23.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $21.225. First resistance is seen at $22.00 and then at $22.50. Next support is seen at today’s low of $21.30 and then at $21.225. Wyckoff’s Market Rating: 4.0
December N.Y. copper closed down 180 points at 330.25 cents today. Prices closed nearer the session high. 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 the August high of 339.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of 319.05 cents. First resistance is seen at today’s high of 331.20 cents and then at 333.00 cents. First support is seen at today’s low of 326.45 cents and then at 325.00 cents. Wyckoff’s Market Rating: 5.0
