METALS: February gold futures closed down $3.10 an ounce
at $1,238.40 today. Prices closed near the session low. The
key “outside markets” turned bearish for the gold market
today, as the U.S. dollar index firmed up and crude oil
prices sold off. Gold prices are in a four-week-old
downtrend on the daily bar chart. The gold market bears
have the solid 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
$1,275.00. Bears’ next near-term downside breakout price
objective is closing prices below solid technical support
at $1,200.00. First resistance is seen at $1,250.00 and
then at this week’s high of $1,258.20. First support is
seen at this week’s low of $1,226.40 and then at $1,220.00.
Wyckoff’s Market Rating: 2.5
March silver futures closed down $0.188 an ounce at $19.705
today. Prices closed near the session low and closed at a
fresh four-month-low close. The key “outside markets”
turned bearish for the silver market today, as the U.S.
dollar index firmed up and crude oil prices sold off.
Silver bears have the solid overall near-term technical
advantage. Silver bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $20.60 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the August low of $19.29. First
resistance is seen at $20.00 and then at this week’s high
of $20.35. Next support is seen at this week’s low of
$19.62 and then at $19.50. Wyckoff’s Market Rating: 2.0.
March N.Y. copper closed down 280 points at 319.10 cents
today. Prices closed nearer the session low. The key
“outside markets” turned bearish for the copper market
today, as the U.S. dollar index firmed up and crude oil
prices sold off. Bears have the near-term technical
advantage. Copper bulls’ next upside breakout objective is
pushing and closing prices above solid technical resistance
at 330.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the November low of 313.50 cents. First
resistance is seen at today’s high of 323.35 cents and then
at 325.00 cents. First support is seen at today’s low of
318.00 cents and then at 315.00 cents. Wyckoff’s Market
Rating: 4.0.
