by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER GOLD
December gold futures closed down $35.10 at $756.90 yesterday. Prices closed near the session low and hit a fresh 11-month low yesterday. The key “outside markets” were bearish yesterday–a stronger dollar and weaker crude oil pricesThe gold bears have the solid near-term technical advantage and gained still more power yesterday. Bears’ next downside price objective is closing prices below solid technical support at $750.00. Gold bulls’ next upside price objective is to produce a close above psychological and technical resistance at $800.00. First resistance is seen at $770.00 and then at $780.00. Support is seen at yesterday’s low of $756.50 and then at $750.00.
Wyckoff’s Market Rating: 2.0
DECEMBER SILVER
December silver futures closed down 92.5 cents at $10.79 an ounce yesterday. Prices closed near the session low and hit a fresh 13-month low again yesterday. Silver bears have the solid near-term technical advantage and gained more power yesterday. 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 and psychological resistance at $12.00 an ounce. The next downside price objective for the bears is closing prices below psychological support at $10.00. First resistance is seen at $11.00 and then at $11.25. Next support is seen at yesterday’s low of $10.745 and then at $10.50.
Wyckoff’s Market Rating: 2.0
December N.Y. copper up 420 points at 312.90 cents yesterday. Prices closed near the session high on short covering in abear marketafter hitting a fresh 7.5-month low 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 300.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at the August low of 321.00 cents. First support is seen at 310.00 cents and then at yesterday’s low of 304.00 cents. First resistance is seen at yesterday’s high of 314.40 cents and then at this week’s high of 316.75 cents.
Wyckoff’s Market Rating: 3.0
