by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed down $16.20 at $909.00 yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Bulls faded yesterday, amid a stronger U.S. dollar. Gold will continue to closely track the greenback in an inverse fashion. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at this week’s high of $931.90. Bears’ next downside price objective is closing prices below solid technical support at $900.00. First resistance is seen at $920.00 and then at yesterday’s high of $925.70. Support is seen at $900.00 and then at $893.00.
Wyckoff’s Market Rating: 6.0
MAY SILVER
May silver futures closed down 54.5 cents at $17.165 an ounce yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Prices are still in a four- week-old choppy trading range on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the April low of $16.33. First resistance is seen at $17.50 and then at $17.75. Next support is seen at yesterday’s low of $16.97 and then at $16.725.
Wyckoff’s Market Rating: 5.0
MAY NY COPPER
May N.Y. copper closed down 615 points at 390.40 cents yesterday. Prices closed nearer the session low yesterday, amid a stronger U.S. dollar. Copper bulls still have the overall near-term technical advantage. Copper bulls’ next upside objective is closing prices above solid technical resistance at the contract high of 404.95 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 390.00 cents and then at 395.00 cents. First support is seen at yesterday’s low of 387.50 cents and then at 385.00 cents.
Wyckoff’s Market Rating: 8.0
