by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST GOLD
August gold futures closed up $13.10 at $884.30 yesterday. Prices closed nearer the session high on short covering amid a weaker dollar and higher crude oil prices yesterday. The bulls are still in some near-term technical trouble. A three-month-old downtrend is still in place on the daily bar chart. Bears’ next downside price objective is closing prices below solid technical support at this week’s low of $866.70. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $900.00. First resistance is seen at yesterday’s high of $885.90 and then at $890.00. Support is seen at $880.00 and then at $875.00.
Wyckoff’s Market Rating: 5.0
JULY SILVER
July silver futures closed up 29.5 cents at $16.93 an ounce yesterday. Prices closed near the session high yesterday. Bulls and bears are back on a level near-term technical playing field. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $17.67 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.45. First resistance is seen at $17.00 and then at $17.25. Next support is seen at $16.75 and then at yesterday’s low of $16.54.
Wyckoff’s Market Rating: 5.0
JULY N.Y. COPPER
July N.Y. copper closed up 180 points at 357.80 cents yesterday. Prices closed nearer the session high yesterday. Short covering was featured. The fact that cotton could only make modest gains amid big rallies in other commodity markets shows how weak this market is at present. The bears still have the near-term technical advantage. Prices are still trending lower from the early-May spike high. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of 351.20 cents. Bulls’ next upside objective is closing prices above solid technical resistance at last week’s high of 367.00 cents. First resistance is seen at yesterday’s high of 360.00 cents and then at 362.50 cents. First support is seen at 354.80 cents and then at yesterday’s low of 352.30 cents.
Wyckoff’s Market Rating: 4.5
