*METALS: August gold futures closed up $16.90 an ounce at $1,316.70 today. Prices closed nearer the session high today on safe-haven demand following news of the crashed Malaysian airliner. Gold bulls and bears are now back on a level near-term technical playing field. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the July high of $1,346.80. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at this week’s low of $1,292.60. First resistance is seen at today’s high of $1,325.90 and then at $1,330.00. First support is seen at $1,310.00 and then at $1,300.00. Wyckoff’s Market Rating: 5.0
December silver futures closed up $0.408 an ounce at $21.24 today. Prices closed nearer the session high today on short covering and bargain hunting, and on the rally in gold prices. The bulls have quickly regained the slight near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $21.67 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $20.70. First resistance is seen at today’s high of $21.345 and then at $21.385. Next support is seen at $21.00 and then at today’s low of $20.855. Wyckoff’s Market Rating: 6.0
December N.Y. copper closed up 35 points at 322.60 cents today. Prices closed nearer the session high today and hit a two-week low. Copper bulls still have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 329.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 316.50 cents. First resistance is seen at 325.00 cents and then at 326.00 cents. First support is seen at today’s low of 321.00 cents and then at 320.00 cents. Wyckoff’s Market Rating: 6.0
