December gold futures closed down $15.40 an ounce at $1,714.70 yesterday. Prices closed near mid-range yesterday. It was a “risk-off” day in the market place yesterday, which negatively impacted most commodity markets, including gold. The key “outside markets” were bearish for gold yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Gold bulls still have the overall near-term technical advantage, but are fading a bit and need to show fresh power soon. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,755.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the November low of $1,672.50. First resistance is seen at yesterday’s high of $1,727.90 and then at last week’s high of $1,739.40. First support is seen at yesterday’s low of $1,704.50 and then at $1,700.00. Wyckoff’s Market Rating: 6.0
December silver futures closed down $0.215 an ounce at $32.665 yesterday. Prices closed nearer the session high yesterday. The key “outside markets” were bearish for silver yesterday as the U.S. dollar index was firmer and crude oil prices were lower. Silver still bulls have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $33.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $30.655. First resistance is seen at this week’s high of $32.93 and then at $33.00. Next support is seen at yesterday’s low of $32.15 and then at $32.00. Wyckoff’s Market Rating: 6.0.
December N.Y. copper closed up 120 points at 346.55 cents yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Copper bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 357.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 335.00 cents. First resistance is seen at yesterday’s high of 347.90 cents and then at 350.00 cents. First support is seen at yesterday’s low of 344.10 cents and then at this week’s low of 342.15 cents. Wyckoff’s Market Rating: 3.0.
