METALS: April gold futures closed up $13.60 an ounce at $1,591.60 yesterday. Prices closed nearer the session high yesterday, hit a fresh two-week high, and saw heavy short covering and some fresh bargain hunting. Yesterday’s price action produced a minor bullish upside “breakout” from the recent sideways trading range on the daily bar chart, and the bulls have gained some fresh upside near-term technical momentum. But the bulls have more heavy lifting to do in the near term to suggest a near-term price uptrend can be sustained. The bears still have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,600.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the February low of $1,554.40. First resistance is seen at yesterday’s high of $1,597.60 and then at $1,600.00. First support is seen at yesterday’s low of $1,578.80 and then at this week’s low of $1,574.50. Wyckoff’s Market Rating: 3.5
May silver futures closed up $0.317 an ounce at $29.17 yesterday. Prices closed nearer the session high yesterday and hit a fresh two-week high. May silver bears still have the near-term technical advantage. However, prices have been trading sideways to higher for the past week as the bulls try to stabilize the market. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $29.495 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the March low of $27.925. First resistance is seen at yesterday’s high of $29.35 and then at $29.495. Next support is seen at yesterday’s low of $28.87 and then at this week’s low of $28.705. Wyckoff’s Market Rating: 3.5.
May N.Y. copper closed up 340 points at 355.10 cents yesterday. Prices closed nearer the session high yesterday and saw more short covering. Copper bears still have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 360.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the March low of 347.25 cents. First resistance is seen at yesterday’s high of 357.60 cents and then at 360.00 cents. First support is seen at 352.50 cents and then at yesterday’s low of 350.00 cents. Wyckoff’s Market Rating: 3.5.
