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
Wyckoff’s Market Rating: 2.0