December gold futures closed up $3.30 at $1,231.60 yesterday. Prices closed nearer the session high, hit another fresh six-week high yesterday and scored a bullish "outside day" up on the daily bar chart--whereby the high was higher and the low was lower than the previous session's trading range, with a higher close. Bulls have upside near-term technical momentum and gained some more yesterday. The gold market has seen safe-haven and fresh speculative buying interest recently. The U.S. dollar index was weaker again yesterday, which also supported the gold market bulls. Gold prices are in a three-week-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at $1,250.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,200.00. First resistance is seen at yesterday's high of $1,234.40 and then at $1,240.00. Support is seen at $1,224.30 and then at yesterday's low of $1,218.90.

Wyckoff's Market Rating: 7.0. 

Source: VantagePoint Intermarket Analysis Software

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December silver futures closed down 17.0 cents at $18.48 an ounce yesterday. Prices closed near mid-range and saw some profit-taking pressure from recent gains. Silver bulls still have the near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $17.855. Bulls' next upside price objective is closing prices above solid technical resistance at the August high of $18.75 an ounce. First resistance is seen at yesterday's high of $18.625 and then at this week's high of $18.675. Next support is seen at $18.40 and then at yesterday's low of $18.23.

Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 125 points at 337.10 cents yesterday. Prices closed near the session high and saw more short covering and fresh speculative buying interest yesterday. A weaker U.S. dollar index also supported buying interest in the copper market again yesterday. Copper bulls have the overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 320.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the August high of 343.05 cents. First resistance is seen at yesterday's high of 337.45 cents and then at 340.00 cents. First support is seen at 335.00 cents and then at yesterday's low of 332.75 cents.

Wyckoff's Market Rating: 6.5.