by Jim Wyckoff, Senior Editor, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $20.90 at $711.90 yesterday. Prices closed near the session low yesterday, hit a fresh three-week low and did see a bearish downside “breakout” from the recent trading range. Bearish “outside markets” yesterday–lower crude oil prices and a firmer U.S. dollar–pressured the gold market again yesterday. Gold bears still have the overall near-term technical advantage. Bears’ next downside price objective is closing prices below solid technical support at the October low of $681.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $750.00. First resistance is seen at $725.00 and then at yesterday’s high of $738.40. Support is seen at yesterday’s low of $709.30 and then at $700.00.
Wyckoff’s Market Rating: 2.0
DECEMBER SILVER
December silver futures closed down 46.0 cents at $9.345 an ounce yesterday. Prices closed near the session low yesterday and hit a fresh two-week low. Bears still have the overall near-term technical advantage and are regaining momentum. Prices are still trading below a four-month-old downtrend line on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $10.535 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the October low of $8.40. First resistance is seen at $9.50 and then at yesterday’s high of $9.87. Next support is seen at yesterday’s low of $9.28 and then at $9.20.
Wyckoff’s Market Rating: 2.0
DECEMBER N.Y. COPPER
December N.Y. copper closed down 705 points at 157.75 cents yesterday. Prices closed near the session low yesterday and hit a fresh contract low. Bearish “outside markets” again yesterday– lower crude oil prices, a firmer U.S. dollar and lower U.S. stock index prices–pressured the copper market yesterday. Copper bears still have the near-term technical advantage. Prices are still in a four-month-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 150.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at this week’s high of 189.00 cents. First support is seen at yesterday’s contract low of 157.50 cents and then at 150.00 cents. First resistance is seen at 165.00 cents and then at yesterday’s high of 169.00 cents.
Wyckoff’s Market Rating: 1.0
