METALS: December gold futures closed up $1.00 an ounce at $1,353.60. Prices closed near mid-range Monday and hit a fresh five-week high. The firmer U.S. dollar index Monday did somewhat limit buying interest in gold. Chart consolidation was also featured following recent price gains. The gold market bulls and bears are on a level near-term technical playing field. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,375.40. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at Monday’s high of $1,361.80 and then at $1,375.40. First support is seen at Monday’s low of $1,346.10 and then at Friday’s low of $1,335.30. Wyckoff’s Market Rating: 5.0
December silver futures closed down $0.104 an ounce at $22.535 Monday. Prices closed near mid-range Monday amid chart consolidation. Buying interest was limited by the firmer U.S. dollar index Monday. The bulls and bears are on a level near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $23.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $21.00. First resistance is seen at Monday’s high of $22.715 and then at last week’s high of $21.91. Next support is seen at Monday’s low of $22.375 and then at Friday’s low of $22.26. Wyckoff’s Market Rating: 5.0.
December N.Y. copper closed down 15 points at 326.75 cents Monday. Prices closed near mid-range. 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 October high of 335.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 321.50 cents. First resistance is seen at Monday’s high of 328.55 cents and then at 330.00 cents. First support is seen at Monday’s low of 325.70 cents and then at last week’s low of 323.40 cents. Wyckoff’s Market Rating: 5.0.
