by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $11.20 at $686.50 today. Prices closed nearer the session low on profit-taking from recent gains and on a solid rebound in the value of the U.S. dollar versus the other major currencies. No serious chart damage occurred today, but solid follow-through selling pressure on Thursday would likely produce significant near-term chart damage. A four-week-old uptrend is still in place on the daily bar chart. The bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $701.00 an ounce. Bears’ next downside price objective is closing prices below strong technical support at $675.00. First resistance is seen at $690.00 and then at today’s high of $695.40. Support is seen at today’s low of $683.20 and then at $680.00.
Wyckoff’s Market Rating: 6.0.
SEPTEMBER SILVER
September silver futures closed down 29.3 cents at $13.15 an ounce today. Prices closed nearer the session low today on profit-taking from recent gains and following the weakness in gold. No serious chart damage occurred today, but solid follow-through selling on Thursday would produce chart damage. Right now the bulls still have the technical advantage. An uptrend is still in place from the June low. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $13.59. The next downside price objective for the bears is closing prices below solid technical support at $13.20. First resistance is seen at $13.25 and then at $13.30. Next support is seen at today’s low of $13.105 and then at $13.00.
Wyckoff’s Market Rating: 6.0.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER N.Y. COPPER
September N.Y. copper closed down 640 points at 355.55 cents today. Prices closed nearer the session low today on more profit-taking. Bulls still have the overall near-term technical advantage but are now fading. 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 $3.60 and then at today’s high of 362.60 cents. First support is seen at today’s low of 352.15 cents and then at 350.00 cents.
Wyckoff’s Market Rating: 7.0.
Source: VantagePoint Intermarket Analysis Software
