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Metals
August gold futures closed up $7.60 at $962.80 yesterday. Prices closed nearer the session high yesterday, hit a fresh nine-week high and scored a bullish "outside day" up on the daily bar chart yesterday. Gold bulls have the near-term technical advantage and gained fresh upside momentum yesterday. Prices are in a six-week-old uptrend on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at $920.00. 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 $966.70 and then at $970.00. Support is seen at $955.00 and then at $950.00.
Wyckoff's Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
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July silver futures closed up 31.0 cents at $15.175 an ounce yesterday. Prices closed nearer the session high and hit another fresh 9.5-month high yesterday. The bulls still have the solid near-term technical advantage and gained more momentum yesterday. Bulls' next upside price objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $14.31. First resistance is seen at yesterday's high of $15.275 and then at $15.50. Next support is seen at $15.00 and then at $14.75.
Wyckoff's Market Rating: 8.5.
July N.Y. copper closed up 260 points at 214.70 cents yesterday. Prices closed nearer the session high yesterday and hit a fresh three-week high. The key "outside markets" were mostly bullish for the copper market yesterday, as the U.S. stock indexes were firmer and the crude oil market was solidly higher. Copper bulls still have the near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at the May low of 196.70 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 210.00 cents and then at yesterday's low of 207.90 cents. First resistance is seen at yesterday's high of 216.45 cents and then at 220.00 cents.
Wyckoff's Market Rating: 7.0.
Tags:futures, metals
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