December gold futures closed down $1.30 at $1,258.00 yesterday. Prices closed nearer the session low on some profit-taking pressure. Early prices did hit a fresh 10-week high. Bulls still have upside near-term technical momentum and have the solid technical advantage. Prices are also in a six-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 the all-time high of $1,270.60, scored in June. Bears' next near-term downside price objective is closing prices below solid technical support at last week's low of $1,233.50. First resistance is seen at yesterday's high of $1,264.70 and then at $1,270.60. Support is seen at yesterday's low of $1,254.60 and then at $1,250.00.

Wyckoff's Market Rating: 8.0.

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

December silver futures closed up 8.6 cents at $20.00 an ounce yesterday. Prices closed near mid-range yesterday and hit another fresh two-year high. The key "outside markets" were in a bullish posture for silver yesterday, as the U.S. dollar index was weaker, while crude oil and U.S. stock index prices were firmer. Silver bulls have the solid 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 $18.86. Bulls' next upside price objective is producing a close above solid technical resistance at $21.00 an ounce. First resistance is seen at yesterday's high of $20.18 and then at $20.25. Next support is seen at yesterday's low of $19.82 and then at this week's low of $19.585.

Wyckoff's Market Rating: 8.0.

December N.Y. copper closed up 235 points at 349.40 cents yesterday. Prices closed nearer the session high yesterday. The key "outside markets" were in a bullish posture for copper yesterday, as the U.S. dollar index was weaker, while crude oil and U.S. stock index prices were firmer. The bulls have the near-term technical advantage. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 360.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 330.00 cents. First resistance is seen at yesterday's high of 351.50 cents and then at this week's high of 353.45 cents. First support is seen at 347.50 cents and then at yesterday's low of 345.10 cents.

Wyckoff's Market Rating: 7.0.