METALS: June gold futures closed down $6.90 an ounce at $1,287.70 today. Prices closed nearer the session low today. A firmer U.S. dollar index helped to pressure gold today. Trading has been choppy and sideways for the past five weeks. 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 the May high of $1,315.80. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the May low of $1,272.00. First resistance is seen at today’s high of $1,296.30 and then at $1,300.00. First support is seen at this week’s low of $1,286.00 and then at $1,280.00. Wyckoff’s Market Rating: 5.0
July silver futures closed down $0.069 an ounce at $19.33 today. Prices closed nearer the session low. The bears have the overall near-term technical advantage. However, recent choppy and sideways trading at lower price levels does suggest some “basing” that could mean a market low is in place. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the May high of $20.005 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $18.685. First resistance is seen at today’s high of $19.50 and then at this week’s high of $19.685. Next support is seen at this week’s low of $19.225 and then at $19.045. Wyckoff’s Market Rating: 3.0
July N.Y. copper closed down 230 points at 312.20 cents today. Prices closed near mid-range and saw more profit taking and chart consolidation. Copper bulls still have the slight overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 320.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at 315.00 cents and then at this week’s high of 318.40 cents. First support is seen at today’s low of 309.85 cents and then at 307.50 cents. Wyckoff’s Market Rating: 5.5
