by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
December gold futures closed up $5.80 at $729.50 today. Prices closed nearer the session low today and closed at a fresh 14-month high close. The bulls still have upside technical momentum, amid a weaker U.S. dollar and record-high crude oil prices. Prices are still in a steep uptrend from the August low. Bulls’ next upside price objective is to produce a close above strong resistance at this week’s high of $735.50 an ounce. Bears’ next downside price objective is closing prices below solid support at $718.00. First resistance is seen at this week’s high of $735.50 and then at$740.00. Support is seen at today’s low of $727.70 and then at $724.00.
Wyckoff’s Market Rating: 8.0.
DECEMBER SILVER
December silver futures closed up 18.0 cents at $13.105 an ounce today. Prices closed near the session high low but did hit a fresh five-week high. The bulls still have upside technical momentum. Prices are still in an uptrend from the August low. Bulls’ next upside price objective is closing prices above solid resistance at $13.40 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $12.80. First resistance is seen at today’s high of $13.24 and then at $13.30. Next support is seen at $13.00 and then at $12.90.
Wyckoff’s Market Rating: 7.0.
Source: VantagePoint Intermarket Analysis Software
DECEMBER N.Y. COPPER
December N.Y. copper closed up 1,275 points at 357.55 cents today. Prices closed nearer the session high today and hit a fresh six-week high. The bulls gained solid upside technical momentum today, following the Fed rate cut and a recently weaker U.S. dollar. Prices are in a four-week-old uptrend from the August low. Bulls’ next upside objective is closing prices above technical resistance at the July high of 370.20 cents. The next downside price objective for the bears is closing prices below solid technical support at 347.00 cents. First resistance is seen at today’s high of 360.50 cents and then at 363.00 cents. First support is seen at 352.50 cents and then at 350.00 cents.
Wyckoff’s Market Rating: 8.5.
