February gold futures closed up $7.70 an ounce at $1,717.00 yesterday. Prices closed near mid-range yesterday. Gold was supported by bullish “outside markets” that included a lower U.S. dollar index and higher crude oil prices. The FOMC meeting results were bullish for the raw commodity markets, as the Fed extended its bond-buying program. Gold bulls have the overall near-term technical advantage but have more work to do to suggest a near-term price uptrend can be sustained. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the November high of $1,757.10. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the November low of $1,674.70. First resistance is seen at yesterday’s high of $1,725.00 and then at $1,734.00. First support is seen at yesterday’s low of $1,708.50 and then at $1,700.00. Wyckoff’s Market Rating: 6.0
March silver futures closed up $0.713 an ounce at $33.74 yesterday. Prices closed nearer the session high. Silver was supported by bullish “outside markets” that included a lower U.S. dollar index and higher crude oil prices. The FOMC meeting results were bullish for the raw commodity markets, as the Fed extended its bond-buying program. The silver bulls have the overall near-term technical advantage and gained fresh upside momentum yesterday. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the November high of $34.49 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.50. First resistance is seen at yesterday’s high of $33.875 and then at $34.00. Next support is seen at $33.50 and then at $33.00. Wyckoff’s Market Rating: 6.0.
March N.Y. copper closed up 280 points at 371.45 cents yesterday. Prices closed nearer the session high yesterday, hit a fresh six-week high and scored a bullish “outside day” up on the daily bar chart. Copper was supported by bullish “outside markets” that included a lower U.S. dollar index and higher crude oil prices. The FOMC meeting results were bullish for the raw commodity markets, as the Fed extended its bond-buying program. Copper bulls have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 375.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 355.00 cents. First resistance is seen at yesterday’s high of 372.10 cents and then at 375.00 cents. First support is seen at 370.00 cents and then at yesterday’s low of 367.45 cents. Wyckoff’s Market Rating: 6.5.
