by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed up $19.50 at $937.50 yesterday. Prices closed nearer the session high yesterday, hit a fresh two-week high and scored a bullish “outside day” up on the daily bar chart yesterday. Record high crude oil prices yesterday and a sharply lower dollar boosted gold. Gold will continue to track the greenback in an inverse fashion. Gold prices are still in a three-week-old downtrend on the daily bar chart. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at the last “reaction high” of $960.30. Bears’ next downside price objective is closing prices below solid support at $900.00. First resistance is seen at $940.00 and then at $945.00. Support is seen at $930.00 and then at $925.00.
Wyckoff’s Market Rating: 7.0
MAY SILVER
May silver futures closed up 49.2 cents at $18.20 an ounce yesterday. Prices closed nearer the session high yesterday, hit a fresh two-week high and scored a bullish “outside day” up on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at$18.685 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $17.00. First resistance is seen at yesterday’s high of $18.425 and then at $18.685. Next support is seen at $18.00 and then at $17.75.
Wyckoff’s Market Rating: 6.5
MAY NY COPPER
May N.Y. copper closed up 1,095 points at 400.00 cents yesterday. Prices closed nearer the session high yesterday, scored a bullish “outside day” up on the daily bar chart and closed at a fresh contract high close. Bulls have the solid overall near-term technical advantage. The key “outside” markets aligned in bullish formation yesterday and traded strongly higher in crude oil and gold and sharply lower for the value of the U.S. dollar. Copper bulls’ next upside objective is closing prices above solid technical resistance at the contract high of 402.40 cents. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of 385.20 cents. First resistance is seen at 402.40 cents and then at 405.00 cents. First support is seen at 395.00 cents and then at 390.00 cents.
Wyckoff’s Market Rating: 8.5
