by Jim Wyckoff Senior Analyst TraderPlanet.com
AUGUST GOLD
August gold futures closed up $4.40 at $678.10 today. Prices closed near the session high and closed at the highest closing level in two months today. Gold bulls have upside technical momentum and gained more power today. Rising crude oil prices and a weaker U.S. dollar are still bullish supporting forces for gold. A four-week-old uptrend is in place on the daily bar chart, from the June low. The bulls’ next upside price objective is to produce a close above solid resistance at $680.00 an ounce. Bears’ next downside price objective is closing prices below strong technical support at $665.00. First resistance is seen at today’s high of $678.50 and then at $680.00. Support is seen at $675.00 and then at today’s low of $672.00.
Wyckoff’s Market Rating: 7.0.
SEPTEMBER SILVER
September silver futures closed up 8.5 cents at $13.375 an ounce today. Prices closed near mid-range today but did hit a fresh five-week high again today. The bulls have upside technical momentum as an uptrend is in place from the June low. The next upside price objective for the bulls is closing prices above solid resistance at $13.50. The next downside price objective for the bears is closing prices below solid technical support at $13.00. First resistance is seen at today’s high of $13.40 and then at $13.45. Next support is seen at today’s low of $13.245 and then at $13.20.
Wyckoff’s Market Rating: 7.0.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER N.Y. COPPER
September N.Y. copper closed up 990 points at 366.20 cents today. Prices closed nearer the session high again today and closed at a fresh nine-week high close today. Bulls still have the near-term technical advantage and gained more power today. Bulls’ next upside objective is closing prices above technical resistance at the contract high of 377.90 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at today’s high of 366.50 cents and then at 370.00 cents. First support is seen at 360.00 cents and then at today’s low of 356.35 cents.
Wyckoff’s Market Rating: 8.0.
Source: VantagePoint Intermarket Analysis Software
