by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST GOLD
August gold futures closed down $15.70 at $963.00 yesterday. Prices closed nearer the session low on profit-taking pressure from recent strong gains and amid the big sell off incrude oil pricesthe past two days. A firming U.S. dollar yesterday was also bearish for gold. No chart damage has been inflicted upon gold. However, the bulls do not want to see strong follow-through selling pressure on Thursday. Gold will continue to track the value of the U.S. dollar, in an inverse fashion. A solid four- week-old uptrend is still in place on the daily bar chart. Bears’ next downside price objective is closing prices below solid technical support at $950.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at this week’s high of $989.60. First resistance is seen at $970.00 and then at $976.40. Support is seen at yesterday’s low of $958.20 and then at $950.00.
Wyckoff’s Market Rating: 7.0
DECEMBER SILVER
December silver futures closed down 16.9 cents at $19.00 an ounce yesterday. Prices closed nearer the session low on more profit taking from recent gains. No chart damage has occurred. The bulls still have the near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $19.705 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $18.50. First resistance is seen at $19.18 and then at yesterday’s high of $19.33. Next support is seen at yesterday’s low of $18.84 and then at $18.725.
Wyckoff’s Market Rating: 6.0
DECEMBER N.Y. COPPER
December N.Y. copper closed down 540 points at 363.05 cents yesterday. Prices closed nearer the session low and hit a fresh four-week low yesterday. Serious near-term chart damage has been inflicted recently, including more yesterday. The next downside price objective for the bears is closing prices below solid technical support at the June low of 350.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 377.95 cents. First support is seen at yesterday’s low of 361.30 cents and then at 360.00 cents. First resistance is seen at 365.00 cents and then at 368.00 cents.
Wyckoff’s Market Rating: 4.0
