METALS: April gold futures closed up $21.80 an ounce at $1,368.50 today. Prices closed nearer the session high today and hit a fresh six-month high. More safe-haven buying was featured. A 2.5-month-old uptrend is in place on the daily bar chart. Bulls have the overall near-term technical advantage and gained more upside momentum today. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,326.60. First resistance is seen at today’s high of $1,371.30 and then at $1,375.00. First support is seen at $1,360.00 and then at $1,350.00. Wyckoff’s Market Rating: 7.0.
May silver futures closed up $0.465 an ounce at $21.28 today. Prices closed nearer the session high today on short covering. The bears still 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 this week’s low of $20.61. First resistance is seen at today’s high of $21.435 and then at $21.65. Next support is seen at $21.00 and then at today’s low of $20.82. Wyckoff’s Market Rating: 4.5.
May N.Y. copper closed up 55 points at 295.75 cents today. Prices closed nearer the session high today on tepid short covering after hitting a fresh contract and nearly four-year low early on. Weak economic data coming from China last 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 today’s high of 298.15 cents and then at 300.00 cents. First support is seen at 294.00 cents and then at today’s contract low of 290.80 cents. Wyckoff’s Market Rating: 1.0.
