by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed up $12.40 at $900.20 yesterday. Prices closed nearer the session high yesterday on short covering after big losses Tuesday and amid a weaker U.S. dollar yesterday. Still, serious near-term chart damage has been inflicted recently to suggest a near-term market top is in place. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $920.00. Bears’ next downside price objective is closing prices below solid support at this week’s low of $876.30. First resistance is seen at $905.00 and then at $910.00. Support is seen at $990.00 and then at yesterday’s low of $885.10.
Wyckoff’s Market Rating: 6.0
MAY SILVER
May silver futures closed up 29.0 cents at $17.18 an ounce yesterday. Prices closed nearer the session high yesterday on short covering following recent strong losses. Prices are still in a three-week-old downtrend on the daily bar chart and the bears still have the near-term technical advantage. Bulls’ next upside price objective is closing prices above psychological resistance at $18.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $16.33. First resistance is seen at $17.42 and then at $17.50. Next support is seen at $17.00 and then at yesterday’s low of $16.715.
Wyckoff’s Market Rating: 4.5
MAY N.Y. COPPER
May N.Y. copper closed up 710 points at 387.75 cents yesterday. Prices closed near the session high yesterday. Bulls still have the overall near-term technical advantage and gained fresh upside momentum yesterday. But I still believe the upside is limited in copper. Bulls’ next upside objective is closing prices above solid technical resistance at last week’s high of 392.75 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 370.90 cents. First resistance is seen at 390.00 cents and then at 392.75 cents. First support is seen at 385.00 cents and then at 380.00 cents.
Wyckoff’s Market Rating: 8.0
