April gold futures closed up $13.30 an ounce at $1,586.10 yesterday. Prices closed near mid-range yesterday on short covering and bargain hunting after last week’s shellacking. Prices last Thursday hit an 8.5-month low. Serious near-term technical damage has been inflicted recently. Gold prices are still in a six-week-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,618.80. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,554.40. First resistance is seen at yesterday’s high of $1,594.00 and then at $1,600.00. First support is seen at yesterday’s low of $1,574.70 and then at Friday’s low of $1,569.30. Wyckoff’s Market Rating: 3.0
May silver futures closed up $0.50 an ounce at $29.02 yesterday. Prices closed near mid-range yesterday and saw short covering and bargain hunting following recent strong selling pressure. Serious near-term technical damage has been inflicted in silver recently. Prices last week hit a six-month low. May silver bears have the near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $30.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $28.315. First resistance is seen at yesterday’s high of $29.275 and then at $29.67. Next support is seen at yesterday’s low of
$28.60 and then at $28.315. Wyckoff’s Market Rating: 3.0.
May N.Y. copper closed up 85 points at 355.90 cents yesterday. Prices closed nearer the session low again yesterday. Prices Friday hit a two-month low as the bulls have faded badly recently. Serious near-term chart damage was inflicted last week. 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 365.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the December low of 353.40 cents. First resistance is seen at yesterday’s high of 359.05 cents and then at 360.60 cents. First support is seen at last week’s low of 354.20 cents and then at 353.40 cents. Wyckoff’s Market Rating: 3.5.
