Gold Bulls Maintain Overall Technical Advantage

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December gold futures closed up $5.40 an ounce at $1,751.70 yesterday. Prices closed near mid-range yesterday and saw more short covering and bargain hunting following recent selling pressure. A weaker U.S. dollar index supported gold again yesterday. The gold bulls have the overall near-term technical advantage but need to show more power soon to gain fresh upside momentum. The gold bulls' next upside price breakout objective is to produce a close above solid technical resistance at $1,775.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at this week's high of $1,755.50 and then at $1,765.00. First support is seen at yesterday's low of $1,744.00 and then at Tuesday's low of $1,736.10. Wyckoff's Market Rating: 6.5

December silver futures closed up $0.271 an ounce at $33.23 yesterday. Prices closed nearer the session high yesterday and saw more short covering and bargain hunting following recent selling pressure. The weaker U.S. dollar index yesterday again supported silver. Bulls still need to show more power to see fresh upside momentum. Bulls' next upside price breakout objective is closing prices above solid technical resistance at $34.38 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.00. First resistance is seen at this week's high of $33.47 and then at $33.75. Next support is seen at yesterday's low of $32.88 and then at this week's low of $32.57. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 455 points at 374.55 cents yesterday. Prices closed near the session high yesterday. More short covering and bargain hunting were seen yesterday. The weaker U.S. dollar index also boosted copper yesterday. 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 the September high of 383.95 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 360.00 cents. First resistance is seen at yesterday's high of 375.50 cents and then at last week's high of 377.85 cents. First support is seen at 372.50 cents and then at 370.00 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.

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