by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $9.30 at $928.50 yesterday. Prices closed nearer the session low yesterday and hit a fresh four-week low, amid a stronger U.S. dollar and big losses in crude oil yesterday. Prices yesterday saw a bearish downside “breakout” from a bearish pennant pattern on the daily bar chart. Gold will continue to track the value of the U.S. dollar, in an inverse fashion. Bears’ next downside price objective is closing prices below solid technical support at $900.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $945.20. First resistance is seen at $935.00 and then at $940.00. Support is seen at yesterday’s low of $922.90 and then at $920.00.
Wyckoff’s Market Rating: 5.0
DECEMBER SILVER
December silver futures closed down 7.5 cents at $17.54 an ounce yesterday. Prices closed near mid-range yesterday and did score a mildly bearish “outside day” down on the daily bar chart. Serious near-term chart damage has been inflicted recently to suggest a near-term market top is in place. Bulls’ next upside price objective is closing prices above solid technical resistance at $18.25 an ounce. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $17.20. First resistance is seen at yesterday’s high of $17.805 and then at $18.00. Next support is seen at $17.42 and then at $17.20.
Wyckoff’s Market Rating: 4.0
DECEMBER N.Y. COPPER
December N.Y. copper closed down 245 points at 356.60 cents yesterday. Prices closed near mid-range yesterday. Bears still have the near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 353.70 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 365.00 cents. First support is seen at yesterday’s low of 354.35 cents and then at 353.70 cents. First resistance is seen at this week’s high of 360.50 cents and then at 362.75 cents.
Wyckoff’s Market Rating: 3.0
