METALS: December gold futures closed down $20.10 an ounce at $1,282.30 yesterday. Prices closed near the session low and hit a fresh three-week low yesterday on more technical selling pressure. Bears have the solid overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at $1,290.00 and then at $1,300.00. First support is seen at yesterday’s low of $1,278.10 and then at $1,275.00. Wyckoff’s Market Rating: 2.0
September silver futures closed down $0.195 an ounce at $19.525 yesterday. Prices closed nearer the session low yesterday. Bears are in firm near-term technical control. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $20.595 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $19.00. First resistance is seen at yesterday’s high of $19.78 and then at $20.00. Next support is seen at last week’s low of $19.185 and then at $19.00. Wyckoff’s Market Rating: 2.0.
September N.Y. copper closed up 90 points at 317.60 cents yesterday. Prices closed near mid-range again yesterday. Copper bears have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 323.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 303.65 cents. First resistance is seen at yesterday’s high of 320.90 cents and then at 323.40 cents. First support is seen at yesterday’s low of 314.75 cents and then at 312.50 cents. Wyckoff’s Market Rating: 3.0.
