by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $45.10 at $722.90 yesterday. Prices closed near the session low yesterday and hit a fresh 13-month low. The gold market was pressured by very bearish “outside markets”–a stronger U.S. dollar and sharply lower crude oil prices. Serious near-term chart damage has been inflicted this week. Bears still have downside near-term technical momentum. Bears’ next downside price objective is closing prices below psychological support at $700.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $780.00. First resistance is seen at $739.80 and then at $750.00. Support is seen at yesterday’s low of $720.00 and then at $700.00.
Wyckoff’s Market Rating: 2.5
DECEMBER SILVER
December silver futures closed down 68.5 cents at $9.39 an ounce yesterday. Prices closed near the session low yesterday. Bears still have the near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $11.195 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $9.00. First resistance is seen at $9.50 and then at $10.00. Next support is seen at this week’s low of $9.35 and then at last week’s low of $9.09.
Wyckoff’s Market Rating: 3.0
DECEMBER N.Y. COPPER
December N.Y. copper closed down 1,925 points at 181.45 cents yesterday. Prices closed near the session low and careened to another fresh contract low yesterday. Prices were pressured by very bearish “outside markets” again yesterday–a stronger U.S. dollar and sharply lower crude oil futures prices. Copper bears still have the near-term technical advantage in copper and gained still more power yesterday. 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 150.00 cents. Bulls’ next upside objective is pushing and closing prices above major psychological resistance at 200.00 cents. First support is seen at yesterday’s contract low of 180.60 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: 1.0
