METALS: April gold futures closed down $16.90 an ounce at $1,578.80 yesterday. Prices closed nearer the session low again yesterday as the bears tighten their near-term grip on the yellow metal. There has been better risk appetite in the market place late this week, amid some stronger U.S. economic data, and that has helped to pressure the safe-haven gold market. Gold prices are in a six-week-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 this week’s high of $1,619.70. 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 $1,590.00 and then at $1,600.00. First support is seen at yesterday’s low of $1,574.30 and then at $1,570.00. Wyckoff’s Market Rating: 3.0
May silver futures closed down $0.505 an ounce at $28.49 yesterday. Prices closed nearer the session low yesterday and closed at a fresh monthly low close yesterday, which is another bearish clue. May silver bears have the near-term technical advantage. Prices are in a six-week-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 $29.495 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of $28.315. First resistance is seen at $28.75and then at $29.00. Next support is seen at yesterday’s low of $28.40 and then at $28.315. Wyckoff’s Market Rating: 3.0.
May N.Y. copper closed down 195 points at 354.75 cents yesterday. Prices closed near the session low yesterday and closed at a bearish monthly low close. Prices Tuesday hit a three-month low. Copper bears have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 365.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 357.50 cents and then at 360.00 cents. First support is seen at this week’s low of 353.35 cents and then at 350.00 cents. Wyckoff’s Market Rating: 3.5.
