by Jim Wyckoff, Senior Analyst TraderPlanet.com
August COMEX gold futures closed down $0.40 at $652.70 today. Prices closed near the session high today after hitting a fresh five-month low early on. It appears that bears may have become exhausted at today’s lower price levels, after the recent downside pressure. A pullback in the U.S. dollar late today also benefited gold bulls. But the gold bulls are still in trouble and need to show power soon. Gold bulls’ next upside price objective is to produce a close above solid resistance at $670.00 an ounce. Bears’ next downside price objective is closing prices below strong technical support at today’s low of $647.00. First resistance is seen at $655.00 and then at $657.50. Support is seen at $650.00 and then at today’s low of $647.00 and then at $645.00.
Wyckoff’s Market Rating: 4.0.
July silver futures closed down 3.0 cents at $13.06 an ounce today. Prices closed nearer the session high. Some near-term chart damage has been inflicted recently. However, today’s price action suggests bears have become tired sellers. 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 today’s low of $12.845. First resistance is seen at today’s high of $13.20 and then at $13.30. Next support is seen at $13.00 and then at $12.97.
Wyckoff’s Market Rating: 5.0.
Source: VantagePoint Intermarket Analysis Software
JULY N.Y. COPPER
July N.Y. copper closed up 260 points at 331.30 cents today. Prices closed near the session high today. Bulls’ next upside objective is closing prices above technical resistance at this month’s high of 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at today’s low of 321.00 cents. First resistance is seen at today’s high of 332.30 cents and then at this week’s high of 336.20 cents. First support is seen at 325.00 cents and then at today’s low of 321.00 cents.
Wyckoff’s Market Rating: 5.5.