METALS: June gold futures closed down $25.20 an ounce at $1,266.40 today. Prices closed nearer the session low and hit a fresh 3.5-month low today. A “risk-on” trader mentality in the market place helped to sink gold today. Gold prices today also saw a bearish downside “breakout” from the recent choppy and sideways trading range. Gold market bears have regained the level near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at $1,268.40 and then at $1,272.00. First support is seen at today’s low of $1,264.30 and then at $1,260.00. Wyckoff’s Market Rating: 4.0
July silver futures closed down $0.343 an ounce at $19.075 today. Prices closed nearer the session low and hit a three-week low today. The silver bears have the overall near-term technical advantage and gained fresh downside momentum today. 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 $19.25 and then at today’s high of $19.50. Next support is seen at $19.00 and then at $18.95. Wyckoff’s Market Rating: 2.5
July N.Y. copper closed up 65 points at 317.40 cents today. Prices closed near mid-range and did hit a nearly three-month high today. Copper bulls have the overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 309.85 cents. First resistance is seen at today’s high of 319.25 cents and then at 320.00 cents. First support is seen at today’s low of 316.40 cents and then at 315.00 cents. Wyckoff’s Market Rating: 6.0
