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Metals Commentary
December gold futures closed up $4.60 at $1,144.00 yesterday. Prices hit another fresh contract and all-time record high yesterday, amid a weaker U.S. dollar. Prices closed near mid-range. Gold bulls have the solid overall near-term technical advantage. There are no early clues of a market top being close at hand for gold. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $1,200.00. Bears' next downside price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at yesterday's all-time high of $1,153.40 and then at $1,160.00. Support is seen at yesterday's low of $1,136.00 and then at $1,130.00.
Wyckoff's Market Rating: 8.5.
Source: VantagePoint Intermarket Analysis Software
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December silver futures closed up 12.8 cents at $18.515 an ounce yesterday.Prices closed nearer the session low yesterday but did hit a fresh 16-month high yesterday. The silver bulls have the solid near-term technical advantage. Bulls' next upside price objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $17.00. First resistance is seen at yesterday's high of $18.855 and then at $19.00. Next support is seen at yesterday's low of $18.325 and then at $18.085.
Wyckoff's Market Rating: 8.0.
December N.Y. copper closed up 250 points at 313.35 cents yesterday. Prices closed near mid-range yesterday and hit a fresh 14-month high. Copper bulls have the solid near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 325.00 cents. First resistance is seen at 315.00 cents and then at yesterday's high of 317.20 cents. First support is seen at yesterday's low of 309.45 cents and then at 307.45 cents.
Wyckoff's Market Rating: 8.5
Tags:gold, silver, copper, futures
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