METALS: February gold futures closed down $5.60 an ounce at $1,198.10 today. Prices closed near mid-range in quiet, pre-holiday trading. Prices are hovering near the contract low scored last weeks. The gold market bears have the strong technical advantage. 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 $1,251.70. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,179.00. First resistance is seen at today’s high of $1,205.60 and then at $1,210.10. First support is seen at today’s low of $1,191.80 and then at last week’s contract low of $1,186.00. Wyckoff’s Market Rating: 1.0

March silver futures closed down $0.048 an ounce at $19.405 today. Prices closed near mid-range today. Silver bears have the solid overall near-term technical advantage as prices hover not far above the December low, which was a 3.5-month low. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $20.48 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the December low of $18.89. First resistance is seen at today’s high of $19.52 and then at $19.905. Next support is seen at last week’s low of $19.10 and then at $18.89. Wyckoff’s Market Rating: 1.5

March N.Y. copper closed down 20 points at 330.60 cents today. Prices closed near mid-range today in quiet trading. Bulls still have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the December high of 333.55 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 331.50 cents and then at 332.50 cents. First support is seen at today’s low of 329.90 cents and then at last week’s low of 327.50 cents. Wyckoff’s Market Rating: 6.0