by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed down $6.50 at $871.20 yesterday. Prices closed nearer the session low yesterday amid a stronger U.S. dollar. Gold bulls got no support from record-high crude oil prices yesterday as gold and crude seem to be de-coupling after many months of a strong bond. Chart damage has been inflicted in gold recently and a seven- week-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 last week’s low of $846.40. First resistance is seen at this week’s high of $884.50 and then at $890.00. Support is seen at yesterday’s low of $864.40 and then at this week’s low of $858.70.
Wyckoff’s Market Rating: 4.5
JULY SILVER
July silver futures closed down 16.5 cents at $16.695 an ounce yesterday. Prices closed nearer the session low yesterday amid a stronger U.S. dollar. Prices are still in a two- month-old downtrend on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $17.245 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.00. First resistance is seen at yesterday’s high of $16.98 and then at this week’s high of $17.07. Next support is seen at yesterday’s low of $16.53 and then at this week’s low of $16.465.
Wyckoff’s Market Rating: 4.5
JULY N.Y. COPPER
July N.Y. copper closed down 445 points at 383.40 cents yesterday. Prices closed nearer the session low yesterday. This week’s price action has produced a bearish buying “exhaustion tail” on the daily chart, whereby buying interest dried up at higher price levels and then prices have backed way off. A stronger U.S. dollar weighed on copper yesterday. Copper bulls’ next upside objective is closing prices above solid technical resistance at the April high of 404.50 cents. The next downside price objective for the bears is closing prices below solid technical support at 380.00 cents. First resistance is seen at yesterday’s high of 388.50 cents and then at 390.00 cents. First support is seen at yesterday’s low of 381.65 cents and then at 380.00 cents.
Wyckoff’s Market Rating: 7.0
