by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL GOLD
April gold futures closed up $14.80 at $905.00 yesterday. Prices closed nearer the session high yesterday as trading has become choppy at higher price levels. The bulls still have the near-term technical advantage amid still no strong clues that a market top is close at hand. Gold will continue to trade generally in an inverse relationship with the value of the U.S. dollar. Gold bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $942.20. Bears’ next downside price objective is closing prices below solid support at this week’s low of $888.40. First resistance is seen at yesterday’s high of $912.00 and then at $920.00. Support is seen at $900.40 and then at yesterday’s low of $890.00.
Wyckoff’s Market Rating: 8.0
MARCH SILVER
March silver futures closed up 22.5 cents at $16.57 an ounce yesterday. Prices closed nearer the session high. Bulls still have the solid upside technical advantage, regained some fresh momentum yesterday and their next upside price objective is closing prices above psychological resistance at $17.00 an ounce. The next downside price objective for the bears is closing prices below solid support at yesterday’s low of $16.23. First resistance is seen at yesterday’s high of $16.70 and then at $16.80. Next support is seen at $16.40 and then at $16.30.
Wyckoff’s Market Rating: 8.0
MARCH NY COPPER
March N.Y. copper closed up 915 points at 330.35 cents yesterday in active trading. Prices scored a big and bullish “outside day up on the daily bar chart yesterday, and closed nearer the session high. Bulls’ next upside objective is closing prices above solid technical resistance at the January high of 337.85 cents. The next downside price objective for the bears is closing prices below solid technical support at 315.00 cents. First resistance is seen at 336.00 cents and then at the January high of 337.85 cents. First support is seen at 325.00 cents and then at 322.50 cents.
Wyckoff’s Market Rating: 6.0
