METALS: December gold futures closed down $12.90 an ounce at $1,156.90 today. Prices closed near the session low and gave back about half of Friday’s good gains. Prices Friday hit a 4.5-year low but then reversed course and scored a bullish “key reversal” up, which is one early clue of a market bottom being in place. However, today’s losses make Friday’s key reversal less significant. The key “outside markets” were also bearish for gold today as the U.S. dollar index was higher and crude oil prices were lower. The gold bears have the solid near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,130.40. First resistance is seen at $1,160.00 and then at last week’s high of $1,179.00. First support is seen at $1,150.00 and then at $1,137.00. Wyckoff’s Market Rating: 2.0
December silver futures closed down $0.089 at $15.625 today. Prices closed nearer the session low. Prices Friday also scored a bullish “key reversal” up, which is one early technical clue of a market bottom. However, the lack of follow-through strength today makes Friday’s price action less significant. The key “outside markets” were also bearish for silver today as the U.S. dollar index was higher and crude oil prices were lower. The silver bears have the solid 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 last week’s high of $16.22 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 today’s high of $15.88 and then at $16.00. Next support is seen at $15.50 and then at $15.20. Wyckoff’s Market Rating: 1.5
December N.Y. copper closed down 180 points at 302.05 cents today. Prices closed nearer the session low today. The key “outside markets” were bearish for copper today as the U.S. dollar index was higher and crude oil prices were lower.The bears have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 311.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 295.15 cents. First resistance is seen at today’s high of 305.10 cents and then at 307.50 cents. First support is seen at 300.00 cents and then at 298.00 cents. Wyckoff’s Market Rating: 3.0
