December gold futures closed down $0.70 an ounce at $1,714.30 yesterday. Prices closed near mid-range after hitting a fresh two-week high early on. The key “outside markets” were bearish for gold yesterday as the U.S. dollar index was firmer and crude oil prices were solidly lower. Bulls still have some upside momentum on their side as a four-week-old downtrend on the daily bar chart was negated yesterday. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,755.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,672.50. First resistance is seen at yesterday’s high of $1,733.00 and then at $1,740.00. First support is seen at yesterday’s low of $1,703.00 and then at $1,700.00. Wyckoff’s Market Rating: 6.0
December silver futures closed down $0.309 an ounce at $31.725 yesterday. Prices closed near mid-range yesterday. The key “outside markets” were bearish for silver yesterday as the U.S. dollar index was firmer and crude oil prices were solidly lower. A five-week-old downtrend on the daily bar chart is still in place. The silver bulls and bears are on a level near-term technical playing field. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $32.695 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $30.655. First resistance is seen at $32.00 and then at yesterday’s high of $32.42. Next support is seen at $31.535 and then at yesterday’s low of $31.215. Wyckoff’s Market Rating: 5.0.
December N.Y. copper closed down 570 points at 344.90 cents yesterday. Prices closed nearer the session low yesterday and hit a fresh five-week low. Prices also scored a bearish “outside day” down on the daily bar chart yesterday. The key “outside markets” were bearish for copper yesterday as the U.S. dollar index was firmer and crude oil prices were solidly lower. Copper bears have the overall near-term technical advantage and gained fresh downside momentum yesterday. Prices are in a seven-week-old downtrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 357.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 340.00 cents. First resistance is seen at 347.50 cents and then at 350.00 cents. First support is seen at yesterday’s low of 343.00 cents and then at 340.00 cents. Wyckoff’s Market Rating: 3.0.
