by Jim Wyckoff, Senior Analyst TraderPlanet.com

FEBRUARY GOLD FUTURES

February gold futures closed down $16.40 at $802.00 today. Prices closed nearer the session low today amid a big sell off in crude oil prices and a rebound in the U.S. dollar. There is still the specter of a bearish descending triangle pattern forming on the daily bar chart. Gold bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $822.80. Bears’ next downside price objective is closing prices below solid chart support at $790.00. First resistance is seen at $810.00 and then at $815.00. Support is seen at today’s low of $796.80 and then at $790.00.

Wyckoff’s Market Rating: 6.5.

MARCH SILVER FUTURES

March silver futures closed down 59.5 cents at $14.23 an ounce today. Prices closed nearer the session low and were pressured by weaker gold prices. No serious chart damage occurred today, but strong follow-through selling pressure on Friday would likely produce significant near-term technical damage. Bulls’ next upside price objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the December low of $13.96. First resistance is seen at $14.40 and then at $14.50. Next support is seen at today’s low of $14.10 and then at $14.00.

Wyckoff’s Market Rating: 5.5.

MARCH N.Y. COPPER

March N.Y. copper closed down 700 points at 296.60 cents today. Prices closed nearer the session low and hit a fresh three-week low today. Bears still have the technical advantage and gained more power today. A nine-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside objective is closing prices above solid technical resistance at today’s high of 305.00 cents. The next downside price objective for the bears is closing prices below solid chart support at the November low of 291.55 cents. First resistance is seen at today’s high of 306.50 cents and then at 308.00 cents. First support is seen at today’s low of 293.50 cents and then at 291.55 cents.

Wyckoff’s Market Rating: 2.0