METALS: December gold futures closed down $4.00 an ounce at $1,167.70 today. Prices closed near mid-range and closed at a fresh four-year low close today. The strong U.S. dollar continues to be a major bearish “outside market” factor for gold. The gold bears have the strong near-term technical advantage. Gold prices have also pushed below what was major longer-term technical support at the $1,183.00 area. A breach of the support level opens the door to a significant leg down in prices, and a move to the $1,000 level in the coming months cannot be ruled out. The gold bulls’ next upside near-term price breakout objective is to produce a close above what is now solid technical resistance at $1,183.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,150.00. First resistance is seen at $1,175.00 and then at $1,180.00. First support is seen at last week’s low of $1,160.50 and then at $1,155.00. Wyckoff’s Market Rating: 1.0
December silver futures closed up $0.004 at $16.11 today. Prices closed nearer the session high. Prices Friday hit a contract and four-year low. The silver bears have the strong overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at $16.25 and then at Friday’s high of $16.515. Next support is seen at $16.00 and then at the contract low of $15.635. Wyckoff’s Market Rating: 1.0
December N.Y. copper closed up 160 points at 306.25 cents today. Prices closed nearer the session high today on short covering. The bears still have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 315.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 307.00 cents and then at 310.00 cents. First support is seen at 304.00 cents and then at today’s low of 302.25 cents. Wyckoff’s Market Rating: 4.0
