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February gold futures closed up $36.00 an ounce at $1,700.10 yesterday. Prices closed near the session high yesterday, hit a fresh six-week high and scored a big and bullish "outside day" up on the daily bar chart, whereby the high was higher and low was lower than the previous session's trading range, with a higher close. The bulls gained fresh, solid upside technical momentum yesterday. The gold market rebounded from lower levels in the wake of a "dovish" FOMC statement from the Federal Reserve that sunk the U.S. dollar index and rallied crude oil prices. Gold bulls have the solid overall near-term technical advantage. A four-week-old uptrend is still in place on the daily bar chart. Bulls' next upside technical breakout objective is to produce a close above solid technical resistance at the December high of $1,767.10. Bears' next near-term downside price objective is closing prices below chart support at $1,640.00. First resistance is seen at $1,720.00 and then at $1,725.00. First support is seen at $1,685.00 and then at $1,675.00.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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March silver futures closed up $1.18 an ounce at $33.155 yesterday. Prices closed near the session high yesterday, hit a fresh six-week high and scored a bullish "outside day" up on the daily bar chart. The key "outside markets" turned bullish for silver at midday yesterday, as crude oil prices firmed and the U.S. dollar index sunk. Silver bulls have the overall near-term technical advantage and gained fresh upside momentum yesterday. A four-week-old uptrend is in place on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at the December high of $33.74 an ounce. The next downside price breakout objective for the bears is closing prices below major psychological support at $30.00. First resistance is seen at yesterday's high of $33.32 and then at $33.74. Next support is seen at $32.50 and then at $32.00.

Wyckoff's Market Rating: 6.5.

March N.Y. copper closed up 350 points 384.25 cents yesterday. Prices closed near the session high and hit a fresh four- month high yesterday. The key "outside markets" turned bullish for copper at midday yesterday, as crude oil rallied and the U.S. dollar index sunk. Copper bulls have the solid near- term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above major psychological resistance at 400.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of 359.40 cents. First resistance is seen at yesterday's high of 385.05 cents and then at 387.50 cents. First support is seen at 382.50 cents and then at 380.00 cents.

Wyckoff's Market Rating: 7.0.