Metals Market Commentary from Jim Wyckoff -- MrSwing

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Metals Market Commentary from Jim Wyckoff
test localhost Aug 16, 2012

Jim Wyckoff

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METALS: December gold futures closed up $3.90 an ounce
at $1,606.30 today. Prices closed nearer the session high
today. The choppy, sideways and range-bound trading action
continues as it has for the past two months. The gold
market bulls and bears are on an overall level near-term
technical playing field. 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 Tuesday's high of $1,618.90 and
then at last week's high of $1,633.30. First support is
seen at $1,600.00 and then at today's low of $1,592.10.
Wyckoff's Market Rating: 5.0

September silver futures closed up $0.007 an ounce at
$27.77 today. Prices closed near mid-range today. Not much
new in silver, either, as prices are still choppy, sideways
and range-bound. Silver bears still have the slight 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 the June low of
$26.105. First resistance is seen at today's high of $27.96
and then at this week's high of $28.15. Next support is
seen at today's low of $27.43 and then at $27.00. Wyckoff's
Market Rating: 4.5.

September N.Y. copper closed down 125 points at 334.65
cents today. Prices closed nearer the session low today in
quieter trading. Copper bears still have the overall near-
term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 345.70 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the June low of
325.00 cents. First resistance is seen at today's high of
337.25 cents and then at 340.00 cents. First support is
seen at today's low of 333.40 cents and then at 330.00
cents. Wyckoff's Market Rating: 3.5.