by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
Wyckoff’s Market Rating: 6.0.
SEPTEMBER SILVER
September silver futures closed up 7.5 cents at $13.17 an ounce today. Prices closed near mid-range today and did hit a fresh two-week high. Bulls are regaining some upside technical momentum. For the bulls to gain better upside technical momentum they would have to produce a close above solid resistance at the July high of $13.59. The next downside price objective for the bears is closing prices below solid technical support at $12.90. First resistance is seen at today’s high of $13.25 and then at $13.35. Next support is seen at today’s low of $13.05 and then at $13.00.
Wyckoff’s Market Rating: 5.5.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER N.Y. COPPER
September N.Y. copper closed down 570 points at 344.95 cents today. Prices closed nearer the session low today and hit a fresh five-week low. Bulls have faded and near-term chart damage has been inflicted to suggest that a market top is in place. Bulls do still have the overall near-term technical advantage, however. Bulls’ next upside objective is closing prices above technical resistance at this week’s high of 353.00 cents. The next downside price objective for the bears is closing prices below solid technical support at today’s low of 340.50 cents. First resistance is seen at 347.00 cents and then at 350.00 cents. First support is seen at today’s low of 340.50 cents and then at 338.00 cents.
Wyckoff’s Market Rating: 6.0.
