METALS: February gold futures closed up $11.70 an ounce at $1,196.00 today. Prices closed near mid-range but did hit a three-week high early on. Short covering and bargain hunting were featured. The weaker U.S. dollar index today was also supportive for gold. Recent upside price action hints a near-term market bottom is in place. The gold bears still have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,225.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,160.00. First resistance is seen at today’s high of $1,204.70 and then at $1,210.00. First support is seen at $1,190.00 and then at today’s low of $1,183.70. Wyckoff’s Market Rating: 3.0

March silver futures closed up $0.087 at $16.195 today. Prices closed near mid-range on mild short covering. The silver bears still have the overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $15.085. First resistance is seen at this week’s high of $16.50 and then at $16.715. Next support is seen at $16.00 and then at $15.75. Wyckoff’s Market Rating: 2.5

March N.Y. copper closed down 395 points at 299.20 cents today. Prices closed nearer the session low today. The bears have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 310.35 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 295.00 cents. First resistance is seen at 300.00 cents and then at 302.00 cents. First support is seen at today’s low of 298.65 cents and then at last week’s low of 297.70 cents. Wyckoff’s Market Rating: 2.0