by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST GOLD
August gold futures closed down $3.90 at $881.60 yesterday. Prices closed nearer the session low yesterday amid more gains in the U.S. dollar and more losses in the crude oil market. The bulls are in near-term technical trouble. A 2.5-month-old downtrend is 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 $873.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at this week’s high of $901.20. First resistance is seen at yesterday’s high of $890.10 and then at this week’s high of $901.20. Support is seen at this week’s low of $878.00 and then at last week’s low of $873.00.
Wyckoff’s Market Rating: 4.0
JULY SILVER
July silver futures closed steady at $16.835 an ounce yesterday. Prices closed nearer the session high yesterday. A bear flag has formed on the daily bar chart. Serious near-term technical damage has been inflicted recently and bears still have some downside technical momentum. Bulls’ next upside price objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the May low of $16.055. First resistance is seen at this week’s high of $17.045 and then at $17.25. Next support is seen at last week’s low of $16.45 and then at $16.42.
Wyckoff’s Market Rating: 4.0
JULY N.Y. COPPER
July N.Y. copper closed down 300 points at 354.80 cents yesterday. Prices closed near the session low yesterday and hit a fresh 2.5-month low. Serious near-term chart damage has been inflicted recently and the bears have downside technical momentum. 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 the March spike low of 345.85 cents. Bulls’ next upside objective is closing prices above solid technical resistance at 370.00 cents. First resistance is seen at this week’s high of 362.10 cents and then at 365.00 cents. First support is seen at yesterday’s low of 354.00 cents and then at 350.00 cents.
Wyckoff’s Market Rating: 3.5
