Metals Market Commentary -- MrSwing

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Metals Market Commentary
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Jim Wyckoff

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December gold futures closed down $7.30 an ounce at $1,607.40 yesterday. Prices closed near mid-range yesterday on some profit taking and chart consolidation. The gold market bulls and bears are on a level near-term technical playing field as bulls and bears struggle for near-term control. The gold bulls' next upside price breakout objective is to produce a close above solid technical resistance at the June high of $1,646.40. Bears' next near-term downside price objective is closing prices below solid technical support at the July low of $1,559.50. First resistance is seen at yesterday's high of $1,621.80 and then at last week's high of $1,633.30. First support is seen at yesterday's low of $1,598.00 and then at $1,590.00.

Wyckoff's Market Rating: 5.0

Source: VantagePoint Intermarket Analysis Software

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September silver futures closed down $0.499 an ounce at $27.415 yesterday. Prices closed near mid-range yesterday as the bulls are fading again. Silver bears have the overall near-term technical advantage. Bulls' next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of $26.575. First resistance is seen at yesterday's high of $28.02 and then at this week's high of $28.335. Next support is seen at yesterday's low of $27.06 and then at last week's low of $26.575.

Wyckoff's Market Rating: 4.0.

September N.Y. copper closed down 440 points 337.35 cents yesterday. Prices closed nearer the session low again yesterday. Copper bears have gained the slight near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 350.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of 333.20 cents. First resistance is seen at 340.00 cents and then at yesterday's high of 342.65 cents. First support is seen at yesterday's low of 336.05 cents and then at 335.00 cents.
Wyckoff's Market Rating: 4.5.