by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY GOLD
June gold futures closed down $3.70 at $865.90 yesterday. Prices closed near mid-range yesterday. Bulls have the slight near-term technical advantage in gold. A two-month- old downtrend is still in place on the daily bar chart. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $900.00. Bears’ next downside price objective is closing prices below solid technical support at the May low of $846.40. First resistance is seen at yesterday’s high of $871.70 and then at $875.00. Support is seen at yesterday’s low of $860.00 and then at $855.00.
Wyckoff’s Market Rating: 4.5
JULY SILVER
July silver futures closed down 18.8 cents at $16.64 an ounce yesterday. Prices closed nearer the session low yesterday. Bulls and bears are back on a level near-term technical playing field. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $17.37 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the April low of $16.42. First resistance is seen at yesterday’s high of $16.95 and then at $17.00. Next support is seen at this week’s low of $16.57 and then at $16.50.
Wyckoff’s Market Rating: 5.0
JULY N.Y. COPPER
July N.Y. copper closed down 460 points at 368.55 cents yesterday. Prices closed nearer the session low and hit a fresh seven-week low yesterday. Bulls are fading. Copper 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 370.00 cents and then at yesterday’s high of 374.35 cents. First support is seen at yesterday’s low of 365.25 cents and then at 362.50 cents.
Wyckoff’s Market Rating: 6.0
