METALS: June gold futures closed down $23.80 an ounce at $1,577.10 yesterday. Prices closed near the session low yesterday and hit a fresh two-week low on fresh technically related selling. The key “outside markets” were also in a bearish posture for the gold market yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. The gold bears have the overall near-term technical advantage and gained fresh downside momentum yesterday. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,600.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the February low of $1,556.40. First resistance is seen at $1,585.00 and then at $1,590.00. First support is seen at yesterday’s low of $1,574.00 and then at $1,570.00. Wyckoff’s Market Rating: 3.0
May silver futures closed down $0.614 an ounce at $27.32 yesterday. Prices closed nearer the session low again yesterday and hit another fresh eight-month low. The key “outside markets” were in a bearish posture for the silver market yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Silver bears have the solid overall near-term technical advantage and have gained fresh downside momentum this week. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $28.36 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $27.00. First resistance is seen at $27.50 and then at $27.81. Next support is seen at yesterday’s low of $27.15 and then at $27.00. Wyckoff’s Market Rating: 2.0.
May N.Y. copper closed up 10 points at 337.55 cents yesterday. Prices closed near mid-range yesterday and saw tepid short covering in a bear market. Copper bears still have the solid overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at last week’s high of 348.65 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August 2012 low of 332.00 cents. First resistance is seen at 340.00 cents and then at 342.50 cents. First support is seen at yesterday’s low of 335.85 cents and then at this week’s low of 334.00 cents. Wyckoff’s Market Rating: 2.5.
