APRIL GOLD
April gold futures closed up $22.20 at $988.50 yesterday. Prices closed nearer the session high yesterday and scored a fresh contract and all-time high. Bulls flexed their muscles yesterday after Tuesday’s sell off. Sharply higher crude oil prices helped the gold bulls yesterday. The gold bulls still have the solid near-term technical advantage and gained more power yesterday. 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 this week’s low of $958.30. First resistance is seen at yesterday’s contract high of $995.20 and then at $1,000.00. Support is seen at $980.00 and then at $975.00.
Wyckoff’s Market Rating: 9.5
MAY SILVER
May silver futures closed up 94.5 cents at $20.785 an ounce yesterday. Prices closed nearer the session high yesterday, scored a fresh contract and 28-year high and scored a big and bullish “outside day” up on the daily bar chart. Silver bulls still have the strong upside technical advantage and gained more power yesterday. Bulls’ next upside price objective is closing prices above psychological resistance at $21.00 an ounce. The next downside price objective for the bears is closing prices below psychological support at $20.00. First resistance is seen at yesterday’s contract high of $20.97 and then at $21.50. Next support is seen at $20.50 and then at $20.00.
Wyckoff’s Market Rating: 9.5
MAY N.Y. COPPER
May N.Y. copper closed up 1,605 points at 398.20 cents yesterday. Prices closed near the session high yesterday, hit a fresh contract high and scored a big and bullish “outside day” up on the daily bar chart. Bulls regained solid technical power yesterday 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 yesterday’s low of 379.20 cents. First resistance is seen at yesterday’s contract high of 398.50 cents and then at 400.00 cents. First support is seen at 390.00 cents and then at 385.00 cents.
Wyckoff’s Market Rating: 9.0
