by Jim Wyckoff, Senior Analyst TraderPlanet.com
December gold futures closed up $10.10 at $833.50 today. Prices closed near mid-range today and hit another fresh contract and fresh 27-year high, basis nearby futures. Record high crude prices again today and a plummeting U.S. dollar again boosted the gold bulls. Gold bulls still have the solid technical advantage and gained more power today as a steep 2.5-month-old uptrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above the all-time high of $873.00 an ounce, scored in 1980. Bears’ next downside price objective is closing prices below major psychological support at $800.00. First resistance is seen at today’s contract high of $848.00 and then at $850.00. Support is seen at today’s low of $824.80 and then at $814.20.
Wyckoff’s Market Rating: 9.5.
December silver futures closed down 5.5 cents at $15.325 an ounce today. Prices closed nearer the session low today after hitting a fresh contract high and a fresh 27-year high early on. Mild profit-taking was featured. However, today’s price action did produce a bearish buying “exhaustion tail” on the daily bar chart, whereby buying interest dries up at higher price levels and then prices back way off the high. A solid down day on Thursday would be a technical clue that a market top was established today. But right now the bulls still have the solid near- term technical advantage. Bulls’ next upside price objective is closing prices above psychological resistance at $16.00 an ounce. The next downside price objective for the bears is closing prices below major psychological support at $15.00. First resistance is seen at $15.54 and then at $15.75. Next support is seen at today’s low of $15.25 and then at $15.00.
Wyckoff’s Market Rating: 8.5.
DECEMBER N.Y. COPPER
December N.Y. copper closed down 825 points at 325.90 cents today. Prices closed nearer the session low today, hit a fresh seven-week low and scored a big and bearish “outside day” down on the daily bar chart today. Bears still have downside technical momentum and gained more power today amid ideas of a slowing U.S. economy. Bulls’ next upside objective is closing prices above strong technical resistance at today’s high of 340.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 320.00 cents. First resistance is seen at 330.00 cents and then at 335.00 cents. First support is seen at today’s low of 325.50 cents and then at 320.00 cents.
Wyckoff’s Market Rating: 4.0.