by Jim Wyckoff, Senior Analyst TraderPlanet.com
February gold futures closed down $19.90 at $882.70 today. Prices closed nearer the session low and were hit by profit-taking pressure from recent strong gains. Lower crude oil prices and a stronger U.S. dollar today helped to pressure gold, too. No chart damage was inflicted today but strong follow-through selling pressure on Thursday would like produce some near-term chart damage. Gold bulls still have the near-term technical advantage. Gold bulls’ next upside price objective is to produce a close above resistance at the all-time high of $916.10. Bears’ next downside price objective is closing prices below solid chart support at $855.00. First resistance is seen at $890.00 and then at $900.00. Support is seen at today’s low of $875.00 and then at $870.00.
Wyckoff’s Market Rating: 8.0.
March silver futures closed down 36.5 cents at $15.935 an ounce today. Prices closed nearer the session low on profit-taking pressure. No serious chart damage occurred today but the bulls do not want to see strong follow- through selling pressure on Thursday. Lower “outside markets” hurt silver today. Silver bulls still have the near-term technical advantage. Prices are still in a four- week-old uptrend on the daily bar chart. Bulls’ next upside price objective is closing prices above solid resistance at this week’s contract high of $16.715 an ounce. The next downside price objective for the bears is closing prices below solid support at $15.40. First resistance is seen at $16.00 and then at today’s high of $16.25. Next support is seen at today’s low of $15.77 and then at $15.60.
Wyckoff’s Market Rating: 7.5.
MARCH NY COPPER
March N.Y. copper closed down 740 points at 316.75 cents today. Prices closed near the session low again today as the bulls are fading again and near-term chart damage has been inflicted this week. There has been bearish U.S. economic news this week that suggests a U.S. recession is at hand. Bulls’ next upside objective is closing prices above solid technical resistance 330.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 310.00 cents. First resistance is seen at 320.00 cents and then at today’s high of 323.35 cents. First support is seen at today’s low of 314.70 cents and then at 312.50 cents.
Wyckoff’s Market Rating: 4.0.