by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER GOLD

December gold futures closed down $17.80 at $736.30 today. Prices closed nearer the session low today on solid profit-taking pressure from recent gains and on a rebound in the value of the U.S. dollar against the other major currencies. No serious chart damage occurred today, but strong follow-through selling pressure on Wednesday or Thursday would likely produce serious near-term chart damage to suggest that a market top is in place. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $755.70 an ounce. Bears’ next downside price objective is closing prices below solid support at $730.00. First resistance is seen at $740.00 and then at $744.00. Support is seen at $735.00 and then at $733.00.

Wyckoff’s Market Rating: 7.5.

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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.

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