by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD FUTURES
December gold futures closed up $0.30 at $762.30 today. Prices did move moderately lower in after-hours electronic trasding. Prices closed near mid-range. Bulls still have solid upside technical momentum as a steep two- month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $772.00 an ounce. Bears’ next downside price objective is closing prices below solid support at $750.00. First resistance is seen at $765.50 and then at today’s high of $769.80. Support is seen at today’s low of $756.40 and then at $752.50.
Wyckoff’s Market Rating: 8.0.
DECEMBER SILVER
December silver futures closed up 9.2 cents at $13.75 an ounce today. Prices closed near mid-range today. Bulls still have the near-term technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at this week’s high of $14.12 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $13.50. First resistance is seen $13.80 and then at today’s high of $13.915. Next support is seen at this week’s low of $13.60 and then at $13.50.
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
DECEMBER N.Y. COPPER
December N.Y. copper closed down 450 points at 359.60 cents today. Prices closed nearer the session low today and hit a fresh four-week low. A potentially bullish symmetrical triangle pattern was negated with today’s losses. Bulls are fading. Bulls’ next upside objective is closing prices above strong technical resistance at 370.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 362.00 cents and then at today’s high of 365.90 cents. First support is seen at today’s low of 357.20 cents and then at 355.00 cents.
Wyckoff’s Market Rating: 7.0.
