METALS: June gold futures closed up $4.80 an ounce at $1,563.60 yesterday. Prices closed nearer the session high yesterday on short covering and some bargain hunting. The lower U.S. dollar index also prompted some buying interest in gold yesterday. The gold bears still have the overall near-term technical advantage. Prices are in a six-month-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 $1,600.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,539.40. First resistance is seen at $1,570.00 and then at $1,580.00. First support is seen at yesterday’s low of $1,553.00 and then at $1,550.00. Wyckoff’s Market Rating: 3.0

May silver futures closed up $0.017 an ounce at $27.67 yesterday. Prices closed nearer the session high yesterday and saw tepid short covering in a bear market. The lower U.S. dollar index yesterday did limit selling interest in silver. The silver bears still have the overall near-term technical advantage. Prices are in a six-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $28.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $26.575. First resistance is seen at yesterday’s high of $26.675 and then at this week’s high of $28.02. Next support is seen at yesterday’s low of $27.34 and then at this week’s low of $27.07. Wyckoff’s Market Rating: 2.5.

May N.Y. copper closed up 105 points at 342.85 cents yesterday. Prices closed nearer the session high yesterday on more short covering. 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 350.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of 330.60 cents. First resistance is seen at this week’s high of 345.25 cents and then at 347.50 cents. First support is seen at 340.00 cents and then at yesterday’s low of 338.85 cents. Wyckoff’s Market Rating: 3.0.