by Jim Wyckoff, Senior Analyst, TraderPlanet.com

DECEMBER GOLD


December gold futures closed down $10.20 at $870.60 yesterday. Prices closed near the session low yesterday as the market was hit with more profit-taking pressure. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–helped to pressure gold yesterday. Gold bulls still have the near-term technical advantage but are fading and need to show more power soon. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at this week’s high of $932.00. Bears’ next downside price objective is closing prices below solid technical support at $850.00. First resistance is seen at $890.00 and then at $900.00. Support is seen at this week’s low of $860.10 and then at $850.00.


Wyckoff’s Market Rating:
6.0

DECEMBER SILVER


December silver futures closed up 24.5 cents at $12.52 an ounce yesterday. Prices closed near mid-range yesterday on short covering. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–did limit the upside in silver yesterday. Bulls’ next upside price objective is closing prices above psychological resistance at $13.00 an ounce. The next downside price objective for the bears is closing prices below psychological support at $11.00. First resistance is seen at $13.00 and then at $12.285. Next support is seen at $12.25 and then at $12.00.


Wyckoff’s Market Rating
: 4.0

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Source: VantagePoint Intermarket Analysis Software

DECEMBER N.Y. COPPER


December N.Y. copper closed down 1,045 points at 277.45 cents yesterday. Prices closed near the session low yesterday and hit a fresh 18-month low. Prices also scored a bearish “outside day” down on the daily bar chart yesterday. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–helped to pressure copper yesterday. Bears have the solid near-term technical advantage in copper. Prices are still in a three-month-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. Bulls’ next upside objective is pushing and closing prices above major psychological resistance at 300.00 cents. First support is seen at 275.00 cents and then at 272.50 cents. First resistance is seen at 280.00 cents and then at 285.00 cents.


Wyckoff’s Market Rating:
1.5