byJim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed up $0.40 at $680.10 today. Prices closed near the session high. Bulls and bears are on a near-term level technical playing field. Gold traders will continue to closely monitor the value of the U.S. dollar. Bears’ next downside price objective is closing prices below strong technical support at the late-July reaction low of $665.30. Bulls’ next upside price objective is to produce a close above solid resistance at this month’s high of $688.10 an ounce. First resistance is seen at today’s high of $681.80 and then at this week’s high of $683.70 and then at $685.00. Support is seen at $677.50 and then at $675.00.
Wyckoff’s Market Rating: 5.0.
SEPTEMBER SILVER
September silver futures closed down 17.3 cents at $12.575 an ounce today. Prices closed near mid-range after hitting a fresh seven-week low early on. Bears this week have regained the near-term technical advantage in silver. For the bulls to regain fresh upside technical momentum they would have to produce a close above solid resistance at $13.00. The next downside price objective for the bears is closing prices below solid technical support at today’s low of $12.335. First resistance is seen today’s high of $12.765 and then at $12.90. Next support is seen at $12.50 and then at $12.335.
Wyckoff’s Market Rating: 3.5.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER N.Y. COPPER
September N.Y. copper closed down 250 points at 334.50 cents today. Prices closed near the session high. Bears have some downside momentum amid recent U.S. stock market jitters. Chart damage has been seen lately to suggest that a market top is in place. Bulls’ next upside objective is closing prices above technical resistance at 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 328.50 cents. First resistance is seen at 340.00 cents and then at this week’s high of 345.35 cents. First support is seen at 330.00 cents and then at 328.50 cents.
September N.Y. copper closed down 250 points at 334.50 cents today. Prices closed near the session high. Bears have some downside momentum amid recent U.S. stock market jitters. Chart damage has been seen lately to suggest that a market top is in place. Bulls’ next upside objective is closing prices above technical resistance at 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 328.50 cents. First resistance is seen at 340.00 cents and then at this week’s high of 345.35 cents. First support is seen at 330.00 cents and then at 328.50 cents.
Wyckoff’s Market Rating: 4.5.
