by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER GOLD

December gold futures closed up $2.90 at $746.00 today. Prices closed nearer the session low today. There is the specter of a bearish broadening pattern forming on the daily bar chart, amid the recent higher price volatility in gold. However, bulls still have the solid technical advantage and are in a solid uptrend from the summertime low. Bulls’ next upside price objective is to produce a close above solid resistance at this month’s high of $755.70 an ounce. Bears’ next downside price objective is closing prices below solid support at last week’s low of $726.30. First resistance is seen at today’s high of $751.90 and then at $755.70. Support is seen at today’s low of $742.80 and then at $740.00.

Wyckoff’s Market Rating: 8.0.

DECEMBER SILVER

December silver futures closed up 8.5 cents at $13.668 an ounce today. Prices closed near mid-range today. A potentially bearish broadening pattern has also formed on the daily bar chart, but the bulls are still enjoying a solid uptrend from the summertime low. Bulls’ next upside price objective is closing prices above solid resistance at the September high of $14.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $13.15. First resistance is seen at today’s high of $13.79 and then at $13.90. Next support is seen at today’s low of $13.585 and then at $13.50.

Wyckoff’s Market Rating: 7.5.

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Source: VantagePoint Intermarket Analysis Software

DECEMBER N.Y. COPPER

December N.Y. copper closed up 765 points at 369.40 cents today. Prices closed nearer the session high today and bulls have quickly regained solid upside technical momentum. Bulls’ next upside objective is closing prices above strong technical resistance at the contract high of 378.00 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 358.10 cents. First resistance is seen at today’s high of 372.65 cents and then at 375.00 cents. First support is seen at 367.50 cents and then at 365.00 cents.

Wyckoff’s Market Rating: 8.0.

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Source: VantagePoint Intermarket Analysis Software