METALS: April gold futures closed down $24.30 an ounce at $1,311.80 today. Prices closed nearer the session low and hit a fresh four-week low today. Serious near-term chart damage has been inflicted recently. The bears have now gained the near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at $1,320.00 and then at $1,325.00. First support is seen at today’s low of $1,308.50 and then at $1,300.00. Wyckoff’s Market Rating: 4.0
May silver futures closed down $0.255 an ounce at $20.055 today. Prices closed nearer the session low today and hit a fresh six-week low. Prices are in a four-week-old downtrend on the daily bar chart. The bears have the near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $21.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $19.00. First resistance is seen at today’s high of $20.315 and then at $20.63. Next support is seen at today’s low of $19.97 and then at $19.75. Wyckoff’s Market Rating: 3.0
May N.Y. copper closed down 40 points at 294.65 cents today. Prices closed near mid-range today. Prices are in a three-month-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 307.75 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the March low of 287.70 cents. First resistance is seen at today’s high of 296.90 cents and then at 300.00 cents. First support is seen at today’s low of 293.10 cents and then at 290.00 cents. Wyckoff’s Market Rating: 1.5
