by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY GOLD FUTURES
February gold futures closed up $18.30 at $880.30 today. Prices closed near the session high today and set a fresh contract and all-time high of $884.00 an ounce. Prices today saw a bullish upside “breakout” from the recent trading range. Stronger crude oil prices and a weaker U.S. dollar today aided the gold bulls. Gold will continue to closely track the value of the U.S. dollar, in an inverse fashion. Gold bulls still have the solid near- term technical advantage, amid no strong early clues that a market top is close at hand. Gold bulls’ next upside price objective is to produce a close above major psychological resistance at $900.00. Bears’ next downside price objective is closing prices below solid chart support at $855.00. First resistance is seen at today’s high of $884.00 and then at $890.00. Support is seen at $872.90 and then at $865.00.
Wyckoff’s Market Rating: 10.0.
MARCH SILVER FUTURES
March silver futures closed up 52.5 cents at $15.815 an ounce today. Prices closed near the session high today and hit a fresh two-month high. Prices also saw a bullish upside “breakout” occur from the congestion area on the daily bar chart. Bulls gained fresh upside technical power today. Prices are still in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is closing prices above psychological resistance at $16.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $15.25. First resistance is seen at today’s high of $15.85 and then at $16.00. Next support is seen at $15.57 and then at $15.40.
Wyckoff’s Market Rating: 8.5.
MARCH N.Y. COPPER
March N.Y. copper closed up 1,575 points at 329.95 cents today. Prices closed near the session high today and hit a fresh two-month high. Soaring precious metals prices today boosted the copper bulls. Bulls did gain fresh upside technical momentum today. However, recession worries will likely limit the upside in copper for at least the near term. Bulls’ next upside objective is closing prices above solid technical resistance at today’s high of 332.00 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 332.00 cents and then at 335.00 cents. First support is seen at 325.00 cents and then at 320.00 cents.
Wyckoff’s Market Rating: 6.0.