METALS: August gold futures closed down $13.80 an ounce at $1,290.90 today. Prices closed nearer the session low today and hit a four-week low on more profit taking, less risk aversion and on a stronger U.S. dollar index. Gold bears now have the near-term technical advantage. A two-week-old downtrend line is now 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 last week’s high of $1,325.90. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,278.00. First resistance is seen at $1,300.00 and then at today’s high of $1,305.60. First support is seen at today’s low of $1,287.50 and then at $1,280.00. Wyckoff’s Market Rating: 4.0

December silver futures closed down $0.619 at $20.435 today. Prices closed near the session low and hit a four-week low today. Prices saw a bearish downside “breakout” from the recent trading range. Prices are now in a two-week-old downtrend on the daily bar chart. The bears now have the slight near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $21.21 an ounce. The next downside price breakout objective for the bears is closing prices below major support at $20.00. First resistance is seen at $20.70 and then at today’s high of $21.00. Next support is seen at today’s low of $20.42 and then at $20.25. Wyckoff’s Market Rating: 4.5

December N.Y. copper closed up 570 points at 327.35 cents today. Prices closed nearer the session high today and were boosted on positive manufacturing data coming out of China.Copper bulls have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 329.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of 317.55 cents. First resistance is seen at today’s high of 327.70 cents and then at 329.45 cents. First support is seen at 325.00 cents and then at 324.00 cents. Wyckoff’s Market Rating: 6.0