by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL GOLD
April gold futures closed up $4.50 at $980.50 yesterday. Prices closed near the session high yesterday, amid a sharply lower U.S. dollar and another record high hit in crude oil yesterday. The gold bulls still have the solid near- term technical advantage, amid no strong technical clues that a market top is close at hand. Gold bulls’ next upside price objective is to produce a close above major psychological resistance at $1,000.00. Bears’ next downside price objective is closing prices below solid support at last week’s low of $958.30. First resistance is seen at this week’s high of 987.80 and then at the contract high of $995.20. Support is seen at yesterday’s low of $969.50 and then at this week’s low of $961.90.
Wyckoff’s Market Rating: 8.5
MAY SILVER
May silver futures closed up 23.2 cents at $19.995 an ounce yesterday. Prices closed nearer the session high yesterday. A bullish falling wedge pattern has now formed on the daily bar chart recently. Bulls’ next upside price objective is closing prices above resistance at $20.50 an ounce. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $19.28. First resistance is seen at yesterday’s high of $20.28 and then at $20.50. Next support is seen at $19.75 and then at yesterday’s low of $19.45.
Wyckoff’s Market Rating: 8.0
MAY N.Y. COPPER
May N.Y. copper closed up 515 points at 383.70 cents yesterday. Prices closed nearer the session high yesterday. Now, a bullish falling wedge pattern has formed on the daily bar chart. Bulls still have the overall near-term technical advantage and their next upside objective is closing prices above major psychological resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 368.50 cents. First resistance is seen at 385.00 cents and then at 390.00 cents. First support is seen at yesterday’s low of 375.00 cents and then at 370.00 cents.
Wyckoff’s Market Rating: 8.0
