by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER GOLD

December gold futures closed up $4.70 at $832.80 yesterday. Prices closed near mid-range on more short covering in a near-term bear market. A weaker dollar did support the gold bulls yesterday. The gold bears still have the overall near-term technical advantage. Prices are still in a six- week-old downtrend on the daily bar chart. Bears’ next downside price objective is closing prices below psychological support at $800.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at last week’s high of $845.00. First resistance is seen at yesterday’s high of $841.40 and then at $845.00. Support is seen at yesterday’s low of $826.00 and then at $820.00.

Wyckoff’s Market Rating: 4.5

DECEMBER GOLD

December gold futures closed up $4.70 at $832.80 yesterday. Prices closed near mid-range on more short covering in a near-term bear market. A weaker dollar did support the gold bulls yesterday. The gold bears still have the overall near-term technical advantage. Prices are still in a six- week-old downtrend on the daily bar chart. Bears’ next downside price objective is closing prices below psychological support at $800.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at last week’s high of $845.00. First resistance is seen at yesterday’s high of $841.40 and then at $845.00. Support is seen at yesterday’s low of $826.00 and then at $820.00.

Wyckoff’s Market Rating: 4.5

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Source: VantagePoint Intermarket Analysis Software

DECEMBER N.Y. COPPER

December N.Y. copper closed up 345 points at 345.10 cents yesterday. Prices closed nearer the session high yesterday on short covering and amid higher crude oil prices and a weaker U.S. dollar. Bears still have the slight near-term technical advantage in copper. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 338.05 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 350.00 cents. First support is seen at yesterday’s low of 340.50 cents and then at 338.05 cents. First resistance is seen at yesterday’s high of 347.95 cents and then at 350.00 cents.

Wyckoff’s Market Rating: 4.5