February gold futures closed up $7.90 an ounce at $1,668.50 yesterday. Prices closed near mid-range yesterday and were supported by short covering and bargain hunting. The gold bears still have the slight overall near-term technical advantage. A three-month-old downtrend is still in place on the daily bar chart. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the January high of $1,695.40. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the January low of $1,626.00. First resistance is seen at last week’s high of $1,678.80 and then at $1,684.00. First support is seen at yesterday’s low of $1,659.50 and then at $1,650.00. Wyckoff’s Market Rating: 4.5
March silver futures closed up $0.712 an ounce at $31.12 yesterday. Prices closed near the session high yesterday and hit a fresh two-week high. Heavy short covering and bargain hunting were seen yesterday. The silver bulls and bears are now back on a level near-term technical playing field. The bulls yesterday gained fresh upside technical momentum to suggest that a near-term market low is in place. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $31.535 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the January low of $29.24. First resistance is seen at yesterday’s high of $31.17 and then at $31.535. Next support is seen at $30.79 and then at yesterday’s low of $30.38. Wyckoff’s Market Rating: 5.0.
March N.Y. copper closed down 140 points at 364.00 cents yesterday. Prices closed nearer the session low yesterday on some profit taking. Copper bulls still have the overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the January high of 375.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 357.50 cents. First resistance is seen at 365.00 cents and then at 367.50 cents. First support is seen at yesterday’s low of 363.30 cents and then at 362.50 cents. Wyckoff’s Market Rating: 6.0.
