METALS
August gold futures closed up $32.40 an ounce at $1,279.80 today. Prices closed near mid-range today and hit a fresh two-week high. A sharply lower U.S. dollar index and bullish Bernanke remarks late Wednesday boosted the gold market today. More short covering and bargain hunting were seen. A weekly high close on Friday would be a solid clue that the gold market has put in a near-term bottom. But at present the gold bears still 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 $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at this week’s low of $1,214.40. First resistance is seen at today’s high of $1,297.20 and then at $1,300.00. First support is seen at today’s low of $1,262.10 and then at $1,250.00. Wyckoff’s Market Rating: 3.0
September silver futures closed up $0.80 an ounce at $19.965 today. Prices closed nearer the session high and hit a fresh six-week high. Bulls have regained upside momentum and a bullish weekly high close on Friday would begin to suggest that a near-term market bottom is in place. But right now the silver bears still have the overall near-term chart advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $21.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $18.67. First resistance is seen at today’s high of $20.25 and then at $20.50. Next support is seen at today’s low of $19.43 and then at $19.00. Wyckoff’s Market Rating: 3.0.
September N.Y. copper closed up 875 points at 317.85 cents today. Prices closed nearer the session high today and hit a fresh three-week high on short covering. The sharply lower U.S. dollar index also boosted copper prices today.Copper bears still have the overall near-term technical advantage. A bullish weekly high close on Friday would begin to suggest that a market low is in place for copper.Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of 302.50 cents. First resistance is seen at today’s high of 320.10 cents and then at 322.00 cents. First support is seen at 315.00 cents and then at 311.60 cents. Wyckoff’s Market Rating: 3.0.
