Sign inJimWyckoff's Commentaries
Metals Commentary
April gold futures closed down $7.50 at $1,110.50 yesterday. Prices closed nearer the session low yesterday after hitting a fresh two-week high early on. The stronger U.S. dollar put downside price pressure on gold yesterday. Bulls and bears are now on a level near-term technical playing field. Bulls next upside technical objective is to produce a close above solid technical resistance at $1,140.00. Bears' next downside price objective is closing prices below solid technical support at last week's low of $1,074.40. First resistance is seen at $1,120.00 and then at yesterday's high of $1,126.40. Support is seen at yesterday's low of $1,107.50 and then at $1,100.00.
Wyckoff's Market Rating: 5.0.
Source: VantagePoint Intermarket Analysis Software
Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate * 800-732-5407
If you would rather have the recent forecasts sent to you, please go here
March silver futures closed down 38.8 cents at $16.355 an ounce yesterday. Prices closed nearer the session low yesterday and scorned a bearish "outside day" down on the daily bar chart. The key "outside markets were in a mostly bearish posture for silver yesterday, as the U.S. dollar index was higher, while the U.S. stock indexes were weaker and crude oil traded around unchanged. Prices are in a steep 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 the late-September low of $15.835. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $17.275 an ounce. First resistance is seen at $16.50 and then at $16.75. Next support is seen at yesterday's low of $16.28 and then at last week's low of $16.015.
Wyckoff's Market Rating: 3.5.
March N.Y. copper closed down 1,050 points at 298.45 cents yesterday. Prices closed nearer the session low yesterday and hit a fresh three-month low. Prices also scored a big and bearish "outside day" down on the daily bar chart. The key "outside markets were in a mostly bearish posture for copper yesterday, as the U.S. dollar index was higher, while the U.S. stock indexes were weaker and crude oil traded around unchanged. Serious chart damage has been inflicted recently, including more yesterday, to suggest a market top is in place for copper. Prices are in a four-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at yesterday's high of 314.40 cents. First resistance is seen at 300.00 cents and then at 303.45 cents. First support is seen at yesterday's low of 295.35 cents and then at 292.50 cents.
Wyckoff's Market Rating: 3.0.
Tags:gold, silver, copper, futures
Share
