by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $3.40 at $675.90 today. Prices closed near mid-range. Strong losses in crude oil weighed on gold today. Significant near-term chart damage has been inflicted recently. It appears a near-term market top is in place. Price action this week has formed a bear flag pattern on the daily bar chart. For the bulls to regain technical momentum they would have to produce a close above solid resistance at $685.00 an ounce. Bears’ next downside price objective is closing prices below strong technical support at last week’s low of $665.30. First resistance is seen at today’s high of $679.00 and then at this week’s high of $680.90. Support is seen at $675.00 and then at today’s low of $670.60.
Wyckoff’s Market Rating: 4.5.
SEPTEMBER SILVER
September silver futures closed down 6.2 cents at $12.955 an ounce today. Prices closed near mid-range today. Near-term chart damage has been inflicted recently to suggest a near-term market top is in place. For the bulls to regain upside technical momentum they would have to produce a close above solid resistance at $13.235. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $12.65. First resistance is seen at this week’s high of $13.09 and then at $13.20. Next support is seen at $12.90, at $12.80 and then at today’s low of $12.74.
Wyckoff’s Market Rating: 4.5.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER N.Y. COPPER
September N.Y. copper closed down 635 points at 358.50 cents today. Prices closed nearer the session low on profit-taking pressure from recent gains and amid a jittery U.S. stock market. Bulls still have the overall near-term technical advantage. Bulls’ next upside objective is closing prices above technical resistance at the July high of 374.80 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 360.00 cents and then at today’s high of 364.90 cents. First support is seen at today’s low of 355.00 cents and then at 350.00 cents.
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
