by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL GOLD
April gold futures closed up $11.40 at $949.20 today. Prices closed near mid-range and did hit a fresh contract and all-time high today, amid a weaker U.S. dollar today. The gold bulls have the solid near-term technical advantage and are looking for more on the upside in the near term. There are still no early warning signals of a market top being close at hand. Gold bulls’ next upside price objective is to produce a close above resistance at $975.00. Bears’ next downside price objective is closing prices below solid support at $931.00. First resistance is seen at today’s contract high of $958.40 and then at $965.00. Support is seen at today’s low of $941.00 and then at $935.00.
Wyckoff’s Market Rating: 10.0
MAY SILVER
May silver futures closed up 19.3 cents at $18.06 an ounce today. Prices closed near mid-range and did hit another fresh contract and 28-year high. Silver bulls still have the strong upside technical advantage. Bulls’ next upside price objective is closing prices above resistance at $18.50 an ounce. The next downside price objective for the bears is closing prices below support at $17.50. First resistance is seen at today’s contract high of $18.185 and then at $18.25. Next support is seen at today’s low of $17.89 and then at $17.75.
Wyckoff’s Market Rating: 10.0
MAY N.Y. COPPER
May N.Y. copper closed up 1,030 points at 382.20 cents today. Prices closed nearer the session high today and hit a fresh contract high on fresh speculator buying interest amid the big rallies in most commodity markets recently. Bulls still have solid near-term technical power. Their next upside objective is closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 360.00 cents. First resistance is seen at today’s contract high of 385.45 cents and then at 387.50 cents. First support is seen at 375.00 cents and then at today’s low of 372.50 cents.
Wyckoff’s Market Rating: 9.0