by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
AUGUST GOLD
August gold futures closed up $9.10 at $896.00 yesterday. Prices closed near the session high yesterday. A weaker U.S. dollar and higher crude oil prices supported gold again yesterday. Bulls and bears are back on a level near-term technical playing field. 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 last week’s low of $859.60. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $900.00. First resistance is seen at $900.00 and then at $909.00. Support is seen at $890.00 and then at yesterday’s low of $882.50.
Wyckoff’s Market Rating: 5.0
JULY SILVER
July silver futures closed up 29.0 cents at $17.365 an ounce yesterday. Prices closed nearer the session high. Bulls and bears are back on a level near-term technical playing field. Prices are still in a sideways trading range bound by the June high of $17.67 and the June low of $16.25. The direction in which prices break out of this range is likely to be the next near-term trend of the market. Bulls’ next upside price objective is closing prices above solid technical resistance at the June high of $17.67 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the June low of $16.25. First resistance is seen at yesterday’s high of $17.51 and then at $17.67. Next support is seen at $17.00 and then at $16.85.
Wyckoff’s Market Rating: 5.0
JULY N.Y. COPPER
July N.Y. copper closed up 925 points at 374.20 cents yesterday. Prices closed nearer the session high and hit a fresh four-week high yesterday. Bulls have regained the slight near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 358.50 cents. Bulls’ next upside objective is closing prices above solid technical resistance at 380.00 cents. First resistance is seen at yesterday’s high of 376.10 cents and then at 380.00 cents. First support is seen at 370.00 cents and then at 365.00 cents.
Wyckoff’s Market Rating: 5.5
