by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER GOLD

December gold futures closed up $15.70 at $814.70 today. Prices closed near the session high today amid a weaker U.S. dollar and a big rebound in crude oil prices today. Gold bulls regained upside technical momentum today. A steep three-month-old uptrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $835.00. Bears’ next downside price objective is closing prices below major psychological support at $800.00. First resistance is seen at today’s high of $817.40 and then at $820.00. Support is seen at $810.00 and then at $805.00.

Wyckoff’s Market Rating: 8.0.

DECEMBER SILVER

December silver futures closed up 45.5 cents at $15.065 an ounce today. Prices closed nearer the session high today as bulls regained fresh upside technical momentum. A three- month-old price uptrend is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above strong technical resistance at $15.50 an ounce. The next downside price objective for the bears is closing prices below technical support at this week’s low of $14.31. First resistance is seen at today’s high of $15.155 and then at $15.25. Next support is seen at $14.75 and then at today’s low of $14.615.

Wyckoff’s Market Rating: 7.5.


DECEMBER N.Y. COPPER

December N.Y. copper closed up 1,895 points at 329.65 cents today. Prices closed nearer the session high but did back off those highs in after-hours trading. An earthquake in Chile–the world’s largest copper producer–boosted the market sharply this morning, but then reports said no serious damage occurred to the mines and prices did back off the highs in after-hours trading. Bears still have the slight downside technical advantage. A six-week-old downtrend is still in place on the daily bar chart. However, a very strong up day on Thursday would give the bulls fresh upside technical momentum to suggest a market low is in place. Bulls’ next upside objective is closing prices above strong technical resistance at 335.00 cents. The next downside price objective for the bears is closing prices below major psychological support at 300.00 cents. First resistance is seen at today’s high of 330.70 cents and then at 325.00 cents. First support is seen at 320.00 cents and then at 317.50 cents.

Wyckoff’s Market Rating: 4.5.