METALS: April gold futures closed up $14.60 an ounce at $1,289.40 today. Prices closed nearer the session high and hit a more-than three-month high today. A six-week-old uptrend is in place on the daily bar chart. Bulls are gaining good upside near-term technical momentum and are now on a level near-term technical playing field with the bulls—for the first time in months. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at today’s high of $1,294.40 and then at $1,300.00. First support is seen at $1,280.00 and then at today’s low of $1,273.50. Wyckoff’s Market Rating: 5.0
March silver futures closed up $0.038 an ounce at $20.15 today. Prices closed near mid-range. More short covering was featured. Silver bears still have the overall near-term technical advantage. Prices continue to trade in a choppy and sideways range at lower price levels, which could be some “basing” action that eventually kicks off a price uptrend. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $20.67 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the January low of $18.97. First resistance is seen at last week’s high of $20.335 and then at $20.48. Next support is seen at today’s low of $19.915 and then at $19.755. Wyckoff’s Market Rating: 3.0
March N.Y. copper closed up 20 points at 322.65 cents today. Prices closed nearer the session high and saw tepid short covering in a bear market. Copper bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 327.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of 317.50 cents. First resistance is seen at this week’s high of 325.30 cents and then at 327.00 cents. First support is seen at today’s low of 320.25 cents and then at 319.10 cents. Wyckoff’s Market Rating: 3.0
