Metals Market Commentary from Jim Wyckoff -- MrSwing

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Metals Market Commentary from Jim Wyckoff
test localhost Sep 13, 2012

Jim Wyckoff

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METALS: December gold futures closed down $1.50 an ounce
at $1,733.40 today. Prices closed nearer the session low
today after hitting another fresh six-month high early on.
Profit taking and position evening were featured today.
Gold prices are in a two-month-old uptrend on the daily bar
chart. The gold market bulls have the solid overall near-
term technical advantage. The gold bulls' next upside price
breakout objective is to produce a close above solid
technical resistance at $1,775.00. Bears' next near-term
downside price objective is closing prices below
psychological support at $1,700.00. First resistance is
seen at today's high of $1,749.50 and then at $1,760.00.
First support is seen at this week's low of $1,727.00 and
then at $1,720.00. Wyckoff's Market Rating: 7.5

December silver futures closed down $0.281 an ounce at
$33.29 today. Prices closed near mid-range today and hit a
fresh six-month high. Prices also scored a mildly bearish
"outside day" down on the daily bar chart today, whereby
the high was higher and low was lower than the previous
session's trading range, with a lower close. If there is
good follow-through selling pressure on Thursday, then a
bearish "key reversal" down would be confirmed, and that
would be an early technical clue that a near-term market
top is in place. But right now silver bulls are still in
firm near-term technical command. Prices are still in a
six-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $35.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $32.00. First
resistance is seen at last week's high of $33.775 and then
at today's high of $34.145. Next support is seen at $33.00
and then at today's low of $32.51. Wyckoff's Market Rating:
7.0.

December N.Y. copper closed down 65 points at 369.05 cents
today. Prices closed near mid-range today and hit another
fresh four-month high. Some mild profit taking was seen
today following recent strong gains. Copper bulls have the
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
solid technical resistance at 380.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 350.00 cents. First
resistance is seen at today's high of 373.15 cents and then
at 375.00 cents. First support is seen at today's low of
366.20 cents and then at this week's low of 363.30 cents.
Wyckoff's Market Rating: 7.0.