by Jim Wyckoff, Senior Analyst TraderPlanet.com

APRIL GOLD

April gold futures closed up $23.10 at $911.20 today. Prices closed near the session high and closed at a fresh contract and all-time high close today. A solidly lower U.S. dollar and higher crude oil prices, and a general rebound in other commodity markets today, did boost the gold market bulls, who gained fresh upside technical momentum today. Gold bulls’ next upside price objective is to produce a close above resistance at the contract and all-time high of $922.50. Bears’ next downside price objective is closing prices below solid chart support at $880.00. First resistance is seen at today’s high of $919.10 and then at $922.50. Support is seen at $910.00 and then at $900.00.

Wyckoff’s Market Rating: 9.0

MARCH SILVER

March silver futures closed up 36.3 cents at $16.333 an ounce today. Prices closed near the session high today and closed at a fresh contract high and a fresh nearly 30-year high. Silver bulls have the solid near-term technical advantage and regained power today. Bulls’ next upside price objective is closing prices above solid resistance at last week’s contract high of $16.715 an ounce. The next downside price objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today’s high of $16.525 and then at $16.715. Next support is seen at $16.25 and then at $16.00.

Wyckoff’s Market Rating: 8.5

MARCH NY COPPER

March N.Y. copper closed up 995 points at 317.15 cents today. Prices closed nearer the session high on short covering. Near-term chart damage has been inflicted recently, amid U.S. economic recession worries. Bulls’ next upside objective is closing prices above solid technical resistance at this week’s high of 327.50 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 301.20 cents. First resistance is seen at 325.00 cents and then at 327.50 cents. First support is seen at 315.00 cents and then at today’s low of 312.70 cents.

Wyckoff’s Market Rating: 4.5