METALS: December gold futures closed down $37.70 an ounce at $1,288.80. Prices closed nearer the session low Tuesday and hit a fresh seven-week low. Bears gained fresh downside near-term technical momentum Tuesday. A five-week-old downtrend is in place on the daily bar chart. The gold market bears 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 this week’s high of $1,353.80. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the August low of $1,271.80. First resistance is seen at $1,300.00 and then at $1,320.00. First support is seen at Tuesday’s low of $1,282.40 and then at $1,271.80. Wyckoff’s Market Rating: 3.0
December silver futures closed down $0.563 an ounce at $21.145 Tuesday. Prices closed near mid-range and hit a fresh seven-week low early on. Silver bears have the overall near-term technical advantage and gained more downside momentum Tuesday. A five-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $22.175 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at $21.50 and then at $22.00. Next support is seen at Tuesday’s low of $20.63 and then at $20.50. Wyckoff’s Market Rating: 3.0.
December N.Y. copper closed down 480 points at 327.50 cents Tuesday. Prices closed nearer the session low. Copper bulls and bears are still on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the September high of 335.95 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of 319.05 cents. First resistance is seen at 330.00 cents and then at this week’s high of 333.95 cents. First support is seen at Tuesday’s low of 324.90 cents and then at last week’s low of 323.55 cents. Wyckoff’s Market Rating: 5.0.
