by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY GOLD FUTURES
February gold futures closed down $2.00 at $805.40 today in quieter trading. Prices closed near mid- range. A firmer U.S. dollar pressured gold today. Gold will continue to closely track the value of the U.S. dollar, in an inverse fashion. Gold bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $822.80. Bears’ next downside price objective is closing prices below solid chart support at this week’s low of $789.60. First resistance is seen at this week’s high of $811.40 and then at $815.00. Support is seen at today’s low of $802.20 and then at $800.00.
Wyckoff’s Market Rating: 7.0.
MARCH SILVER
March silver futures closed up 5.7 cents at $14.222 an ounce today. Prices closed nearer the session high today on more short covering following recent losses. Some near-term chart damage has occurred recently. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at $14.50 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $13.64. First resistance is seen at today’s high of $14.29 and then at $14.40. Next support is seen at today’s low of $14.09 and then at $14.00.
Wyckoff’s Market Rating: 6.0.
MARCH N.Y. COPPER
March N.Y. copper closed up 735 points at 295.80 cents today. Prices closed nearer the session high today on short covering in a bear market. Bears still have the technical advantage. A 10-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside objective is closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid chart support at this week’s low of 285.30 cents. First resistance is seen at today’s high of 297.25 cents and then at 300.00 cents. First support is seen at 292.00 cents and then at 290.00 cents.
Wyckoff’s Market Rating: 3.0.
