by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $16.20 at $741.10 yesterday. Prices closed near the session low yesterday. Mostly bearish “outside markets”–sharply lower crude oil prices and sharp losses in the stock market–pressured gold yesterday. Bears still have the overall near-term technical advantage. Bears’ next downside price objective is closing prices below solid technical support at $717.10. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at last week’s high of $778.30. First resistance is seen at $750.00 and then at yesterday’s high of $770.00. Support is seen at yesterday’s low of $735.70 and then at $717.10.
Wyckoff’s Market Rating: 3.0
DECEMBER SILVER
December silver futures closed up 27.0 cents at $10.40 an ounce yesterday. Prices closed nearer the session high yesterday and closed at a fresh three-week high close. Bears still have the overall near-term technical advantage. Prices are still trading below a 3.5-month-old downtrend line on the daily bar chart. Silver bulls’ next upside price objective is closing prices above psychological resistance at $11.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $9.20. First resistance is seen at yesterday’s high of $10.60 and then at last week’s high of $10.645. Next support is seen at yesterday’s low of $10.035 and then at $9.70.
Wyckoff’s Market Rating: 3.0
DECEMBER N.Y. COPPER
December N.Y. copper closed down 1,460 points at 181.20 cents yesterday. Prices closed near the session low yesterday. Mostly bearish “outside markets”–sharply lower crude oil prices and sharp losses in the stock market–pressured copper 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 the contract low of 162.65 cents.
Bulls’ next upside objective is pushing and closing prices above solid technical resistance at last week’s high of 217.20 cents. First support is seen at 180.00 cents and then at 175.00 cents. First resistance is seen at 185.00 cents and then at 190.00 cents.
Wyckoff’s Market Rating: 2.0
