by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD FUTURES
December gold futures closed up $7.20 at $798.60 today. Prices closed near mid-range today as the U.S. dollar index fell to another fresh contract and all-time low today. Bulls have regained fresh upside technical momentum. Bulls’ next upside price objective is to produce a close above solid resistance at $820.00. Bears’ next downside price objective is closing prices below solid chart support at this week’s low of $773.40. First resistance is seen at today’s high of $808.00 and then at $815.00. Support is seen at today’s low of $795.00 and then at $790.00.
Wyckoff’s Market Rating: 8.0.
DECEMBER SILVER FUTURES
December silver futures closed down 8.0 cents at $14.42 an ounce today. Prices closed near mid-range again today. There is now the specter of a bullish falling wedge pattern forming on the daily bar chart. Bulls’ next upside price objective is closing prices above major psychological technical resistance at $15.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $14.00. First resistance is seen at $14.75 and then at this week’s high of $14.835. Next support is seen at today’s low of $14.325 and then at this week’s low of $14.10.
Wyckoff’s Market Rating: 7.0.
DECEMBER N.Y. COPPER
December N.Y. copper closed down 1,390 points at 288.80 cents today. Prices closed near the session low today and hit a fresh eight-month low as the bears quickly regained more power. Bears have the solid downside technical advantage. A seven-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside objective is closing prices above strong technical resistance at 305.00 cents. The next downside price objective for the bears is closing prices below solid chart support at 280.00 cents. First resistance is seen at 295.00 cents and then at 300.00 cents. First support is seen at today’s low of 288.15 cents and then at 285.00 cents.
Wyckoff’s Market Rating: 2.0.
