by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST GOLD

August COMEX gold futures closed down $0.50 at $674.60 today. Prices closed nearer the session high. The market has been in a pause mode this week, after big gains Friday, and this pause is not bearish. But gold bulls do need to step up and show power very soon. Gold bulls’ next upside price objective is to produce a close above solid resistance at $685.00 an ounce. Bears’ next downside price objective is closing prices below strong technical support at the May low of $657.50. First resistance is seen at today’s high of $677.30 and then at today’s high of $679.50. Support is seen at $672.50 and then at today’s low of $670.20.

Wyckoff’s Market Rating: 5.5.

JULY SILVER

July silver futures closed down 9.5 cents at $13.717 an ounce today. Prices closed near mid-range on some profit-taking pressure. No chart damage occurred. Bulls still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $13.87. The next downside price objective for the bears is closing prices below solid technical support at $13.50. First resistance is seen at this week’s high of $13.87 and then at $14.00. Next support is seen at today’s low of $13.645 and then at $13.60.

Wyckoff’s Market Rating: 6.5.

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Source: VantagePoint Intermarket Analysis Software

JULY N.Y. COPPER

July N.Y. copper closed down 375 points at 240.40 cents today. Prices closed near mid-range today on some more profit-taking pressure from recent gains. No chart damage occurred today. Bulls’ next upside objective is closing prices above technical resistance at 355.00 cents. The next downside price objective for the bears is closing prices below solid technical support 330.00 cents. First resistance is seen at today’s high of 345.50 cents and then at this week’s high of 350.00 cents. First support is seen at today’s low of 335.65 cents and then at 330.00 cents.

Wyckoff’s Market Rating: 6.5.

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