by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed up $16.40 at $948.40 yesterday. Prices closed near the session high and hit a fresh three-week high yesterday, amid a sharply lower valued U.S. dollar yesterday, and another record-high set in crude oil futures prices. Gold will continue to closely track the greenback in an inverse fashion. A four-week-old downtrend on the daily bar chart was negated yesterday and the bulls have gained fresh upside technical momentum recently. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $960.30. Bears’ next downside price objective is closing prices below solid support at this week’s low of $917.50. First resistance is seen at yesterday’s high of $952.70 and then at $960.30. Support is seen at $940.00 and then at $930.00.
Wyckoff’s Market Rating: 7.0
MAY SILVER
May silver futures closed up 48.5 cents at $18.335 an ounce yesterday. Prices closed nearer the session high and hit a fresh three-week high yesterday. Prices are still in a four- week-old sideways trading range on the daily bar chart. However, prices are near the top of that range and the bulls have gained upside technical momentum this week. Bulls’ next upside price objective is closing prices above solid technical resistance at the top of the range, at $18.685 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $17.26. First resistance is seen at yesterday’s high of $18.55 and then at $18.685. Next support is seen at $18.00 and then at yesterday’s low of $17.745.
Wyckoff’s Market Rating: 7.0
MAY N.Y. COPPER
May N.Y. copper closed up 1,025 points at 396.15 cents yesterday. Prices closed nearer the session high yesterday and scored a bullish “outside day” up on the daily bar chart, amid the weaker U.S. dollar and higher gold and crude oil prices yesterday. Bulls have the overall near-term technical advantage. Copper bulls’ next upside objective is closing prices above solid technical resistance at the contract high of 403.90 cents. The next downside price objective for the bears is closing prices below solid technical support at 380.00 cents. First resistance is seen at 400.00 cents and then at yesterday’s high of 402.00 cents. First support is seen at 390.00 cents and then at 385.00 cents.
Wyckoff’s Market Rating: 8.5
