August gold futures closed down $11.50 at $927.60 yesterday. Prices closed nearer the session low again yesterday and hit a fresh two-week low. Price action this week has seen a bearish downside "breakout" from a trading range on the daily chart. A stronger U.S. dollar and sharply lower crude oil prices yesterday helped to pressure gold. Gold bears now have the near-term technical advantage. Bears' next downside price objective is closing prices below solid technical support at the July low of $904.80. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at $950.00. First resistance is seen at $935.00 and then at yesterday's high of $940.90. Support is seen at
yesterday's low of $925.20 and then at $920.00.

Wyckoff's Market Rating: 4.5

Source: VantagePoint Intermarket Analysis Software

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December silver futures closed down 51.9 cents at $13.26 an ounce yesterday. Prices closed near the session low yesterday. The key outside markets were bearish for silver yesterday, as crude oil was sharply lower, stock index futures prices were lower and the U.S. dollar was solidly higher. A three-week-old uptrend on the daily bar chart was negated yesterday. Bears have regained the near-term technical advantage. Bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $14.135 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the July low of $12.49. First resistance is seen at $13.50 and then at yesterday's high of $13.775. Next support is seen at yesterday's low of $13.20 and then at $13.00.

Wyckoff's Market Rating: 4.5.

December N.Y. copper closed down 545 points at 247.65 cents yesterday. Prices closed near the session low and were pressured on profit taking. The key outside markets were bearish for copper yesterday, as crude oil was sharply lower, stock index futures prices were lower and the U.S. dollar was solidly higher. The 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 237.65 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at this week's high of 258.40 cents. First support is seen at yesterday's low of 246.05 cents and then at 245.00 cents. First resistance is seen at 250.00 cents and then at 255.00 cents.

Wyckoff's Market Rating: 7.0.