by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
Wyckoff’s Market Rating: 4.5.
JULY SILVER
July silver futures closed up 25.0 cents at $13.47 an ounce today. Prices closed nearer the session high today and hit a fresh three-week high. Bulls regained the near-term technical advantage today. The next upside price objective for the bulls is closing prices above solid resistance at the May high of $13.705. The next downside price objective for the bears is closing prices below solid technical support at $13.20. First resistance is seen at today’s high of $13.58 and then at $13.705. Next support is seen at $13.40 and then at $13.20.
Wyckoff’s Market Rating: 6.0.
JULY N.Y. COPPER
July N.Y. copper closed up 920 points at 339.55 cents today. Prices closed near the session high today on a rebound in the Chinese stock market. Bulls’ are regaining some technical momentum and their next upside objective is closing prices above technical resistance at 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 316.50 cents. First resistance is seen at 340.00 cents and then at 345.00 cents. First support is seen at 335.00 cents and then at 330.00 cents.
Wyckoff’s Market Rating: 6.0.
