Metals Market Commentary -- MrSwing

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Metals Market Commentary
test localhost Aug 30, 2012

Jim Wyckoff

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December gold futures closed down $6.80 an ounce at $1,662.90 yesterday. Prices closed near mid-range yesterday. More profit taking and chart consolidation were featured. The key "outside markets" were bearish for the gold market yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Gold prices are in a choppy, two-month-old uptrend on the daily bar chart. The gold market bulls have the overall near-term technical advantage. The gold bulls' next upside price breakout objective is to produce a close above psychological resistance at $1,700.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,633.30. First resistance is seen at yesterday's high of $1,672.50 and then at this week's high of $1,679.30. First support is seen at yesterday's low of $1,654.40 and then at $1,650.00.

Wyckoff's Market Rating: 6.0

December silver futures closed down $0.088 an ounce at $30.875 yesterday. Prices closed nearer the session high yesterday and saw mild profit-taking pressure. The key "outside markets" were bearish for the silver market yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Silver bulls still have the overall near-term technical advantage. Bulls' next upside price breakout objective is closing prices above solid technical resistance at $31.50 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 $31.03 and then at this week's high of $31.315. Next support is seen at this week's low of $30.575 and then at $30.285.

Wyckoff's Market Rating: 6.5.

December N.Y. copper closed down 210 points at 344.80 cents yesterday. Prices closed near mid-range yesterday. The key "outside markets" were bearish for the copper market yesterday, as the U.S. dollar index was firmer and crude oil prices were weaker. Copper bulls and bears are on a level near-term technical playing field. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 355.65 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 328.85 cents. First resistance is seen at yesterday's high of 347.30 cents and then at last week's high of 351.70 cents. First support is seen at yesterday's low of 342.80 cents and then at 340.00 cents.

Wyckoff's Market Rating: 5.0.