METALS: April gold futures closed down $5.30 an ounce at $1,258.60 today. Prices closed near the session low after hitting a nine-week high early on today. Some corrective chart consolidation was featured after recent price gains. The gold bulls have gained upside technical momentum recently, to suggest that a market low is in place. A four-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 $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,230.80. First resistance is seen at the December high of $1,267.50 and then at today’s high of $1,279.80. First support is seen at $1,255.30 and then at $1,250.00. Wyckoff’s Market Rating: 4.0

March silver futures closed down $0.035 an ounce at $19.735 today. Prices closed near the session low. Silver bears still have the overall near-term technical advantage. However, trading has been choppy and sideways for the past four weeks, to suggest some “basing” action that does put in market bottoms. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $20.67 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the January low of $19.31. First resistance is seen at today’s high of $20.09 and then at Friday’s high of $20.285. Next support is seen at last week’s low of $19.645 and then at $19.50. Wyckoff’s Market Rating: 2.5

March N.Y. copper closed down 105 points at 326.10 cents today. Prices closed nearer the session low and hit a six-week low today. Copper bears now have the overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at last week’s high of 335.80 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 today’s high of 328.75 cents and then at 330.00 cents. First support is seen at today’s low of 325.50 cents and then at 325.00 cents. Wyckoff’s Market Rating: 4.0