DECEMBER GOLD
December gold futures closed up $17.20 at $757.70 yesterday. Prices closed near mid-range yesterday on short covering in a bear market. Very bullish “outside markets”– a sharply weaker U.S. dollar and sharply higher crude oil prices–did support the gold market yesterday. Bears still have the overall near-term technical advantage. Bears’ next downside price objective is closing prices below solid technical support at this week’s low of $707.00. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $780.00. First resistance is seen at yesterday’s high of $765.00 and then at yesterday’s high of $775.30. Support is seen at $750.00 and then at yesterday’s low of $736.00.
Wyckoff’s Market Rating: 3.0
DECEMBER SILVER
December silver futures closed up 112.5 cents at $9.915 an ounce yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Very bullish “outside markets”–a sharply weaker U.S. dollar and sharply higher crude oil prices–did support the silver market yesterday. Bears still have the overall near-term technical advantage. Prices are still in a 3.5-month-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above psychological resistance at $11.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at Tuesday’s contract low of $8.40. First resistance is seen at yesterday’s high of $10.175 and then at $10.50. Next support is seen at $9.50 and then at $9.00.
Wyckoff’s Market Rating: 2.5.
DECEMBER NY COPPER
December N.Y. copper closed up 2,240 points at 208.25 cents yesterday. Prices closed near the session high on more short covering. Very bullish “outside markets”–a sharply weaker U.S. dollar and sharply higher crude oil prices–did support the copper market yesterday. Copper bears do still have the near-term technical advantage. Prices are still in a 3.5-month-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 180.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 226.45 cents. First support is seen at 200.00 cents and then at 195.00 cents. First resistance is seen at yesterday’s high of 212.00 cents and then at 218.00 cents.
Wyckoff’s Market Rating: 3.5
