by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER GOLD
Wyckoff’s Market Rating: 8.0.
Source: VantagePoint Intermarket Analysis Software
DECEMBER SILVER
December silver futures closed down 7.5 cents at $13.543 an ounce yesterday. Prices closed nearer the session low yesterday on profit-taking pressure from recent gains. No serious chart damage occurred yesterday. The bulls still have some upside technical momentum. Prices are in a six-week-old uptrend from the August low. Bulls’ next upside price objective is closing prices above solid resistance at this week’s high of $13.87 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $13.20. First resistance is seen at $13.60 and then at yesterday’s high of $13.745. Next support is seen at yesterday’s low of $13.465 and then at $13.40.
Wyckoff’s Market Rating: 7.0.
DECEMBER N.Y. COPPER
December N.Y. copper closed down 150 points at 361.40 cents yesterday. Prices closed nearer the session low yesterday. The bulls still have upside technical momentum. Prices are in a steep six-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 350.00 cents. First resistance is seen at yesterday’s and this week’s high of 366.50 cents and then at 369.00 cents. First support is seen at yesterday’s low of 359.50 cents and then at 357.50 cents.
Wyckoff’s Market Rating: 8.0.
