Metals Market Commentary

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August gold futures closed up $9.70 an ounce at $1,580.70 yesterday. Prices closed near mid-range yesterday. Same story: Trading remains choppy and sideways on the daily bar chart as bulls and bears struggle for near-term technical control, with neither gaining much headway. The key "outside markets" were in a bullish posture for gold yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. The gold bulls' next upside price breakout objective is to produce a close above solid technical resistance at the July high of $1,625.70. Bears' next near-term downside price objective is closing prices below solid technical support at $1,547.60. First resistance is seen at yesterday's high of $1,591.50 and then at $1,600.00. First support is seen at this week's low of $1,567.20 and then at the July low of $1,554.40.

Wyckoff's Market Rating: 5.0

September silver futures closed up $0.105 an ounce at $27.20 yesterday. Prices closed nearer the session low yesterday. The key "outside markets" were in a bullish posture for silver yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. Silver bears still have the overall near-term technical advantage and trading has been choppy recently. Prices are still in a 4.5-month-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $26.105. First resistance is seen at this week's high of $27.595 and then at $28.00. Next support is seen at this week's low of $26.72 and then at the July low of $26.425.

Wyckoff's Market Rating: 3.0.

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Source: VantagePoint Intermarket Analysis Software

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September N.Y. copper closed up 560 points 353.00 cents yesterday. Prices closed nearer the session high yesterday. The key "outside markets" were in a bullish posture for copper yesterday as the U.S. dollar index was weaker and crude oil prices were solidly higher. Copper bulls have the near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 355.65 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of 338.20 cents. First resistance is seen at yesterday's high of 354.50 cents and then at 355.65 cents. First support is seen at 350.00 cents and then at yesterday's low of 346.95 cents.

Wyckoff's Market Rating: 6.0.

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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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