METALS
June gold futures closed down $8.80 an ounce at $1,387.40 yesterday. Prices closed nearer the session high yesterday and hit a fresh four-week low. The gold bears are in firm near-term technical control. Prices are in a seven-month-old downtrend on the daily bar chart. 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 the April low of $1,321.50. First resistance is seen at yesterday’s high of $1,397.00 and then at $1,400.00. First support is seen at yesterday’s low of $1,368.00 and then at $1,350.00. Wyckoff’s Market Rating: 2.0
July silver futures closed up $0.032 an ounce at $22.685 yesterday. Prices closed nearer the session high and saw tepid short covering after hitting a fresh four-week low early on yesterday. Silver bears are still in firm overall technical control. Prices are in a seven-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $23.84 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of $21.12. First resistance is seen at $23.00 and then at Wednesday’s high of $23.45. Next support is seen at $22.50 and then at yesterday’s low of $22.06. Wyckoff’s Market Rating: 2.0.
May N.Y. copper closed up 250 points at 329.20 cents yesterday. Prices closed nearer the session high on short covering. Copper bears still have the near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the May high of 339.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 320.00 cents. First resistance is seen at yesterday’s high of 330.30 cents and then at 332.50 cents. First support is seen at 327.50 cents and then at 325.00 cents. Wyckoff’s Market Rating: 4.0.
