METALS: August gold futures closed up $5.90 an ounce at $1,328.00 today. Prices closed near mid-range and hit a 3.5-week high today. Gold market bulls have the overall near-term technical advantage and have gained fresh upside momentum early this week. Prices are in a four-week-old uptrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,334.90 and then at $1,340.00. First support is seen at today’s low of $1,324.00 and then at $1,320.00. Wyckoff’s Market Rating: 6.5
December silver futures closed up $0.07 an ounce at $21.185 today. Prices closed nearer the session low today but did hit a 3.5-month high early on. The bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.86 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at today’s high of $21.33 and then at $21.50. Next support is seen at today’s low of $21.125 and then at $21.00. Wyckoff’s Market Rating: 6.5
December N.Y. copper closed down 10 points at 320.00 cents today. Prices closed near mid-range and hit another four-month high today. Copper bulls have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the March high of 321.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 310.00 cents. First resistance is seen at today’s high of 320.90 cents and then at 322.50 cents. First support is seen at 318.65 cents and then at 317.50 cents. Wyckoff’s Market Rating: 6.5
