by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed up $15.30 at $955.00 yesterday. Prices closed near the session high and were supported by more short covering and fresh speculative buying amid a sharply lower U.S. dollar again yesterday. Bulls are regaining some technical momentum but need to do more work in the near term to repair last week’s serious chart damage. Gold bulls’ next upside price objective is to produce a close above solid resistance at $965.00. Bears’ next downside price objective is closing prices below solid technical support at last week’s low of $909.00. First resistance is seen at $960.00 and then at $965.00. Support is seen at $950.00 and then at yesterday’s low of $939.60.
Wyckoff’s Market Rating: 7.0
MAY SILVER
May silver futures closed up 57.0 cents at $18.37 an ounce yesterday. Prices again closed near the session high on short covering and fresh speculator buying amid a weakening U.S. dollar this week. Still, serious near-term chart damage has been inflicted recently to still 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 solid technical support at $17.50. First resistance is seen at yesterday’s high of $18.49 and then at $19.00. Next support is seen at $18.00 and then at yesterday’s low of $17.69.
Wyckoff’s Market Rating: 6.0
MAY N.Y. COPPER
May N.Y. copper closed up 615 points at 374.00 cents yesterday. Prices closed near the session high again yesterday on fresh spec buying amid the weaker U.S. dollar. Bulls are regaining some technical momentum but have some more work to do in the near term in order to repair chart damage. Bulls’ next upside objective is closing prices above solid technical resistance at 380.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 360.00 cents. First resistance is seen at yesterday’s high of 375.00 cents and then at 377.50 cents. First support is seen at 370.00 cents and then at yesterday’s low of 367.50 cents.
Wyckoff’s Market Rating: 7.0
