Metals Market Commentary

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April gold futures closed down $52.40 an ounce at $1,641.40 yesterday. Prices closed near the session low, dropped sharply again yesterday to a fresh two-month low as fresh chart damage was inflicted. The key "outside markets" were bearish for the gold market yesterday as the U.S. dollar index was higher and crude oil prices were weaker. The market place has taken on more of a "risk on" attitude, sending safe haven asset gold solidly lower. The gold bulls' next upside price breakout objective is to produce a close above psychological resistance at $1,700.00. Bears' next near-term downside price objective is closing prices below psychological support at $1,600.00. First resistance is seen at $1,650.00 and then at 1,675.00. First support is seen at yesterday's low of $1,636.20 and then at $1,625.00.

Wyckoff's Market Rating: 4.0.

May silver futures closed down $1.766 an ounce at $31.825 yesterday. Prices closed near the session low yesterday and hit a fresh seven-week low. The key "outside markets" were bearish for the silver market yesterday as the U.S. dollar index was higher and crude oil prices were weaker. Significant near-term chart damage was inflicted yesterday. Bulls' next upside price breakout objective is closing prices above solid technical resistance at this week's high of $34.41 an ounce. The next downside price breakout objective for the bears is closing prices below major psychological support at $30.00. First resistance is seen at $32.00 and then at $32.49. Next support is seen at yesterday's low of $31.65 and then at $31.50.

Wyckoff's Market Rating: 4.0.

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Source: VantagePoint Intermarket Analysis Software

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May N.Y. copper closed down 625 points 384.00 cents yesterday. Prices closed near the session low yesterday. The key "outside markets" were bearish for the copper market yesterday as the U.S. dollar index was higher and crude oil prices were weaker. Copper bulls still have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of 370.25 cents. First resistance is seen at 387.75 cents and then at 390.00 cents. First support is seen at this week's low of 381.70 cents and then at 380.00 cents.

Wyckoff's Market Rating: 5.5.

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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.

JimWyckoff

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