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JimWyckoff's Commentaries

Metals

June gold futures closed up $12.80 at $939.50 yesterday. Prices closed near the session high and hit a fresh two-month high yesterday. Prices were again supported by a weaker U.S. dollar yesterday. Gold bulls have the near-term technical advantage and gained fresh upside momentum yesterday. Prices are in a four-week-old uptrend on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at this week's low of $915.20. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at the March high of $970.00. First resistance is seen at yesterday's high of $941.00 and then at $945.00. Support is seen at $935.00 and then at $930.00.

Wyckoff's Market Rating: 7.0

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July silver futures closed up 18.5 cents at $14.31 an ounce yesterday. Prices closed nearer the session high and hit a fresh three-month high yesterday. The bulls have the near-term technical advantage and have regained upside momentum. Bulls' next upside price objective is closing prices above solid technical resistance at the February high of $14.64 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $13.63. First resistance is seen at yesterday's high of $14.39 and then at $14.50. Next support is seen at yesterday's low of $14.10 and then at $14.00.

Wyckoff's Market Rating: 7.5

July N.Y. copper closed up 405 points at 211.00 cents yesterday. Prices closed near mid-range yesterday. Bulls have the near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 190.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the April high of 224.15 cents. First support is seen at yesterday's low of 206.20 cents and then at 205.00 cents. First resistance is seen at yesterday's high of 214.00 cents and then at 215.50 cents.

Wyckoff's Market Rating: 6.5

Tags:
futures, energies, metals

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About the Author

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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