by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $2.70 at $805.50 yesterday. Prices closed nearer the session low and were again pressured by a firmer U.S. dollar and weaker crude oil prices. Gold will continue to track the dollar very closely and in an inverse fashion. The gold bears have the near-term technical advantage. Bears’ next downside price objective is closing prices below solid technical support at this week’s low of $793.70. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at last week’s high of $849.70. First resistance is seen at yesterday’s high of $819.50 and then at $825.00. Support is seen at $800.00 and then at yesterday’s low of $798.10.
Wyckoff’s Market Rating: 3.0.
DECEMBER SILVER
December silver futures closed up 3.3 cents at $12.98 an ounce yesterday. Prices closed near mid-range. Bearish “outside markets”–lower crude oil pricesand a firmer U.S. dollar– did limit the upside in silver yesterday. Silver bears still have the near-term technical advantage. A seven-week-old downtrend line is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above technical resistance at last week’s high of $14.13 an ounce. The next downside price objective for the bears is closing prices below solid technical support at the August low of $12.305. First resistance is seen at yesterday’s high of $13.265 and then at $13.50. Next support is seen at yesterday’s low of $12.70 and then at this week’s low of $12.55.
Wyckoff’s Market Rating: 3.0.
DECEMBER N.Y. COPPER
December N.Y. copper closed down 490 points at 326.30 cents yesterday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart yesterday. Bearish “outside markets”–a firmer U.S. dollar and weaker crude oil prices–did pressure copper yesterday. Bears still have the near-term technical advantage in copper. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 319.90 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at 340.00 cents. First support is seen at yesterday’s low of 324.40 cents and then at the August low of 321.00 cents. First resistance is seen at 330.00 cents and then at yesterday’s high of 335.25 cents.
Wyckoff’s Market Rating: 3.0.
