by Jim Wyckoff, Senior Analyst TraderPlanet.com

APRIL GOLD

April gold futures closed down $61.90 at $942.40 yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low amid a rebound in the U.S. dollar and a big sell off in crude and other commodity markets. Some near-term chart damage occurred yesterday, and more serious near-term chart damage would be inflicted with strong follow-through selling and a bearish weekly low close on Thursday. The bulls are fading. Gold bulls’ next upside price objective is to produce a close above resistance at $960.00. Bears’ next downside price objective is closing prices below solid support at $925.00. First resistance is seen at $950.00 and then at $960.00. Support is seen at yesterday’s low of $938.00 and then at $930.00.

Wyckoff’s Market Rating: 6.5

MAY SILVER

May silver futures closed down 151.5 cents at $18.445 an ounce yesterday. Prices closed near the session low again yesterday and hit a fresh three-week low yesterday. Serious near-term chart damage was inflicted yesterday to suggest a market top is in place. Bulls’ next upside price objective is closing prices above psychological resistance at $19.00 an ounce. The next downside price objective for the bears is closing prices below psychological support at $18.00. First resistance is seen at $18.50 and then at $19.00. Next support is seen at yesterday’s low of $18.22 and then at $18.00.

Wyckoff’s Market Rating: 5.0

MAY N.Y. COPPER

May N.Y. copper closed down 1,255 points at 362.10 cents yesterday. Prices closed nearer the session low and hit a fresh four-week low yesterday. Near-term chart damage has been inflicted this week to suggest a market top is in place. Bulls’ next upside objective is closing prices above solid technical resistance at yesterday’s high of 376.70 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 365.00 cents and then at 370.00 cents. First support is seen at yesterday’s low of 361.05 cents and then at 360.00 cents.

Wyckoff’s Market Rating: 5.5