METALS: April gold futures closed up $5.80 an ounce at $1,347.30 today. Prices closed near mid-range today and were supported on some safe-haven buying. A 2.5-month-old uptrend is in place on the daily bar chart. Bulls have the 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 the March high of $1,355.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,318.70. First resistance is seen at $1,355.00 and then at $1,360.00. First support is seen at today’s low of $1,337.80 and then at $1,330.00. Wyckoff’s Market Rating: 6.5
May silver futures closed down $0.085 an ounce at $20.825 today. Prices closed nearer the session low today and closed at a fresh four-week low close. The bears have the slight near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.74 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at $21.00 and then at today’s high of $21.325. Next support is seen at this week’s low of $20.61 and then at $20.25. Wyckoff’s Market Rating: 4.5.
May N.Y. copper closed down 760 points at 295.55 cents today. Prices closed nearer the session low today and slumped to a fresh contract and nearly four-year low. Weak economic data coming from China over the weekend has helped to sink the copper market. Prices are in an accelerating 10-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 307.75 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 297.50 cents and then at 300.00 cents. First support is seen at today’s contract low of 294.20 cents and then at 292.50 cents. Wyckoff’s Market Rating: 1.0.
