METALS

April gold futures closed down $7.60 at $1,095.60 today. Prices closed nearer the session low today on more profit taking. Gold sold off today despite a weaker U.S. dollar index, which is another bearish clue for gold. Bulls have faded this week and are back on a level near-term technical playing field with the bears. Bulls next upside technical objective is to produce a close above solid technical resistance at this week's high of $1,131.50. Bears' next downside price objective is closing prices below solid technical support at $1,075.00. First resistance is seen at $1,100.00 and then at today's high of $1,108.80. Support is seen at today's low of $1,090.20 and then at $1,085.00. Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

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March silver futures closed down 8.0 cents at $15.88 an ounce today. Prices closed nearer the session high today. The key "outside markets" were in a bullish posture for silver today, as the U.S. dollar index was weaker, while crude oil and stock index futures prices were firmer. Yet, silver could not make gains today, which is another bearish clue. A 2.5-month-old downtrend is still in place on the daily bar chart. Bears have the near-term technical advantage in silver. The next downside price objective for the bears is closing prices below solid technical support at the February low of $14.65. Bulls' next upside price objective is closing prices above solid technical resistance at $17.00 an ounce. First resistance is seen at today's high of $16.00 and then at $16.25. Next support is seen at today's low of $15.62 and then at $15.50. Wyckoff's Market Rating: 4.0.

March N.Y. copper closed up 50 points at 322.10 cents today. Prices closed near mid-range today. The key "outside markets" were in a bullish posture for copper today, as the U.S. dollar index was weaker, while crude oil and stock index futures prices were firmer. Bulls still have the near-term technical advantage in copper. The next downside price objective for the bears is closing prices below psychological support at 300.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at this week's high of 336.50 cents. First resistance is seen at today's high of 325.15 cents and then at 327.50 cents. First support is seen at 319.20 cents and then at today's low of 317.10 cents. Wyckoff's Market Rating: 6.0.