February gold futures closed down $0.40 at $1,084.10 yesterday. Prices closed near mid-range and hit a fresh three-month low yesterday. Gains were limite yesterday by a firmer U.S. dollar index. A three-week-old downtrend is still in place on the daily bar chart. Bears have the slight near-term technical advantage. Bulls next upside technical objective is to produce a close above solid technical resistance at $1,120.00. Bears' next downside price objective is closing prices below solid technical support at the December low of $1,075.20. First resistance is seen at yesterday's high of $1,095.70 and then at $1,100.00. Support is seen at yesterday's low of $1,073.20 and then at $1,070.20.

Wyckoff's Market Rating: 4.5.

Source: VantagePoint Intermarket Analysis Software

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March silver futures closed down 15.5 cents at $16.285 an ounce yesterday. Prices closed near mid-range again yesterday and hit a fresh four-month low. The key "outside markets" were in a bearish posture for silver again yesterday, as U.S. stock index futures were lower, crude oil weaker and the U.S. dollar index was firmer. Serious near-term chart damage has been inflicted recently. The next downside price objective for the bears is closing prices below solid technical support at the late-September low of $15.835. Bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $17.275 an ounce. First resistance is seen at $16.50 and then at yesterday's high of $16.755. Next support is seen at $16.25 and then at yesterday's low of $16.015.

Wyckoff's Market Rating: 3.0.

March N.Y. copper closed down 1,070 points at 311.55 cents yesterday. Prices again dropped sharply and closed near the session low and also hit a fresh six-week low. The key "outside markets" were in a bearish posture for copper again yesterday, as U.S. stock index futures were lower, crude oil weaker and the U.S. dollar index was firmer. Serious chart damage has been inflicted this week to suggest a market top is in place. Prices are in a three-week-old downtrend on the daily bar chart. 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 335.00 cents. First resistance is seen at 315.00 cents and then at 317.50 cents. First support is seen at yesterday's low of 309.15 cents and then at 307.50 cents.

Wyckoff's Market Rating: 4.0.