METALS
December gold futures closed down $20.70 an ounce at $1,366.00 today. Prices closed nearer the session low today and hit a fresh three-week low. A better risk appetite in the market place pressured safe-haven gold today, as did sharply lower crude oil prices. The gold market bulls still have the slight overall near-term technical advantage, but are fading and need to show fresh power soon to keep it. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at $1,373.60 and then at $1,384.00. First support is seen at today’s low of $1,357.60 and then at $1,350.00. Wyckoff’s Market Rating: 5.5
December silver futures closed down $0.647 an ounce at $23.07 today. Prices closed nearer the session low and hit a fresh three-week low today. Silver bulls still have the slight near-term technical advantage, but are fading quickly and need to show fresh power soon to keep it. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $25.16 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $22.32. First resistance is seen at $23.50 and then at today’s high of $23.82. Next support is seen at today’s low of $22.84 and then at $22.50. Wyckoff’s Market Rating: 5.5
December N.Y. copper closed down 110 points at 326.70 cents today. Prices closed near mid-range today. Copper bulls and bears are 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 August high of 339.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 320.00 cents. First resistance is seen at 330.00 cents and then at last week’s high of 332.75 cents. First support is seen at today’s low of 325.30 cents and then at last week’s low of 322.00 cents. Wyckoff’s Market Rating: 5.0
