by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $1.40 at $815.40 yesterday. Prices closed near mid-range yesterday and were pressured by a firmer U.S. dollar and weaker crude oil prices. The gold bears still have the near-term technical advantage. Prices are still in a steep five-week-old downtrend on the daily bar chart. Bears’ next downside price objective is closing prices below solid technical support at last week’s low of $777.70. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $842.90. First resistance is seen at yesterday’s high of $824.50 and then at $830.00. Support is seen at yesterday’s low of $805.20 and then at $800.00.
Wyckoff’s Market Rating: 3.5
DECEMBER SILVER
December silver futures closed down 6.0 cents at $13.16 an ounce yesterday. Prices closed near mid-range. Bears still have the solid near-term technical advantage. A steep five-week- old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above psychological resistance at $14.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $12.305. First resistance is seen at yesterday’s high of $13.51 and then at $13.75. Next support is seen at yesterday’s low of $12.905 and then at $12.75.
Wyckoff’s Market Rating: 2.5
DECEMBER N.Y. COPPER
December N.Y. copper closed down 270 points at 340.00 cents yesterday. Prices closed nearer the session low yesterday after hitting a fresh two-week high early on. A stronger U.S. dollar pressured copper yesterday. Bears still have the overall near-term technical advantage. A steep six-week-old downtrend is still in place on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 327.35 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at yesterday’s high of 348.25 cents. First support is seen at yesterday’s low of 335.80 cents and then at 330.00 cents. First resistance is seen at 342.50 cents and then at 346.35 cents.
Wyckoff’s Market Rating: 3.5
