by Jim Wyckoff, Senior Analyst TraderPlanet.com
Wyckoff’s Market Rating: 4.5.
July silver futures closed up 16.9 cents at $12.379 an ounce today. Prices closed near the session high today on short covering after hitting a fresh 8.5-month low Wednesday. The bears still have downside technical momentum, but a strong close on Friday would begin to hint that a near-term low is in place. The next upside price objective for the bulls is closing prices above solid resistance at $12.60. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $12.125. First resistance is seen at today’s high of $12.46 and then at $12.50. Next support is seen at today’s low of $12.265 and then at $12.125.
Wyckoff’s Market Rating: 4.0.
JULY N.Y. COPPER
July N.Y. copper closed up 725 points at 342.95 cents today. Prices closed nearer the session high today and hit a fresh two-week high. Bulls have the near-term technical advantage and gained more momentum today. Bulls’ next upside objective is closing prices above technical resistance at the June high of 352.00 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 328.90 cents. First resistance is seen at today’s high of 346.05 cents and then at 350.00 cents. First support is seen at 340.00 cents and then at today’s low of 335.10 cents.
Wyckoff’s Market Rating: 7.0.