December gold futures closed down $34.00 an ounce at $1,613.00 yesterday. Prices closed nearer the session low yesterday and hit a fresh two-week low. The market was pressured by a firmer U.S. dollar index and another “risk off” day in the market place, which has been bearish for safe-haven gold when it has occurred in recent trading sessions. Gold bulls have faded this week. Bears now have the slight near-term technical advantage. Bulls’ next upside technical objective is to produce a close above solid technical resistance at $1,705.40. Bears’ next near- term downside price objective is closing prices below psychological support at $1,600.00. First resistance is seen at $1,625.00 and then at yesterday’s high of $1,646.50. First support is seen at yesterday’s low of $1,604.70 and then at $1,600.00.
Wyckoff’s Market Rating: 4.5.
Source: VantagePoint Intermarket Analysis Software
Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate * 800-732-5407
If you would rather have the recent forecasts sent to you, please go here
December silver futures closed down $0.922 an ounce at $30.37 yesterday. Prices closed nearer the session low yesterday and were pressured by a firmer U.S. dollar index. Silver bears now have the slight near-term technical advantage. Silver bulls’ next upside price objective is producing a close above strong technical resistance at $33.585 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of $28.435. First resistance is seen at $31.00 and then at yesterday’s high of $31.375. Next support is seen at yesterday’s low of $29.935 and then at $29.50.
Wyckoff’s Market Rating: 4.5.
December N.Y. copper closed down 1,880 points 306.90 cents yesterday. Prices closed nearer the session low yesterday and hit another fresh two-week low. Copper bears have the solid overall near-term technical advantage and gained more power yesterday as a 2.5-month-old downtrend is in place on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 350.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 299.40 cents. First resistance is seen at 310.00 cents and then at 315.00 cents. First support is seen at yesterday’s low of 303.10 cents and then at 299.40 cents.
Wyckoff’s Market Rating: 1.5.
