METALS: August gold futures closed up $15.60 an ounce at $1,339.80 today. Prices closed nearer the session high and hit a fresh nearly four-month high today. Price action today saw a bullish upside “breakout” from the recent sideways trading range. Gold market bulls have the firm overall near-term technical advantage and gained fresh upside momentum today. Prices are in a five-week-old uptrend 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 $1,350.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at this week’s low of $1,312.10. First resistance is seen at today’s high of $1,346.80 and then at $1,350.00. First support is seen at $1,334.90 and then at $1,330.00. Wyckoff’s Market Rating: 6.5
December silver futures closed up $0.439 an ounce at $21.57 today. Prices closed nearer the session high today, hit a nearly four-month high and scored a bullish upside “breakout” from the recent sideways trading range. The bulls have the firm overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.86 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $20.945. First resistance is seen at today’s high of $21.67 and then at $21.86. Next support is seen at $21.385 and then at today’s low of $21.23. Wyckoff’s Market Rating: 6.5
December N.Y. copper closed up 250 points at 327.25 cents today. Prices closed near the session high. Copper bulls have the firm overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the January high of 334.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 316.50 cents. First resistance is seen at this week’s high of 329.10 cents and then at 330.00 cents. First support is seen at 325.00 cents and then at today’s low of 323.30 cents. Wyckoff’s Market Rating: 7.0
