by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
DECEMBER SILVER
December silver futures closed down 40.5 cents at $13.45 an ounce today. Prices closed near mid-range today and did hit a fresh two-week low. No serious chart damage occurred today, but strong follow-through selling on Wednesday or Thursday would produce near-term chart damage. Profit- taking pressure from recent gains as seen today. Bulls’ next upside price objective is closing prices above solid resistance at last week’s high of $14.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at today’s low of $13.18. First resistance is seen at $13.50 and then at $13.60. Next support is seen at $13.30 and then at today’s low of $13.18.
Wyckoff’s Market Rating: 6.5.
DECEMBER N.Y. COPPER
December N.Y. copper closed up 195 points at 371.10 cents today. Prices closed near mid-range and hit a fresh contract high. The bulls have solid upside technical momentum and gained more today, amid labor unrest at major copper plants in the world. Prices are still in a steep six-week-old uptrend from the August low. Bulls’ next upside objective is closing prices above very strong technical resistance at 380.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 360.00 cents. First resistance is seen at today’s contract high of 376.70 cents and then at 380.00 cents. First support is seen at 370.00 cents and then at today’s low of 365.60 cents.
Wyckoff’s Market Rating: 8.5.