METALS: June gold futures closed up $6.40 an ounce at $1,309.30 today. Prices closed near mid-range and hit a three-week high today. Prices Friday scored a bullish “outside day” up on the daily bar chart and scored a bullish weekly high close—which now suggests a near-term market low is in place. A downtrend line on the daily bar chart was negated today. Gold bears still have the slight near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the April high of $1,331.40. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the April low of $1,268.40. First resistance is seen at today’s high of $1,315.80 and then at $1,320.00. First support is seen at $1,300.00 and then at $1,290.00. Wyckoff’s Market Rating: 4.5
July silver futures closed up $0.039 an ounce at $19.585 today. Prices closed nearer the session low. The bears still have the solid overall near-term technical advantage. Prices are in a 10-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $18.685. First resistance is seen at today’s high of $19.745 and then at $20.00. Next support is seen at today’s low of $19.485 and then at $19.25. Wyckoff’s Market Rating: 2.0
July N.Y. copper closed down 195 points at 305.05 cents today. Prices closed near the session low. Bulls and bears are on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the April high of 310.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 308.20 cents and then at 310.45 cents. First support is seen at 303.00 cents and then at 301.00 cents. Wyckoff’s Market Rating: 5.0
