Metals Market Commentary from Jim Wyckoff -- MrSwing

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Metals Market Commentary from Jim Wyckoff
test localhost Sep 20, 2012

Jim Wyckoff

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METALS: December gold futures closed up $1.10 an ounce
at $1,772.40 today. Prices closed near mid-range today and
did hit a fresh 6.5-month high early on. Gains in gold were
limited by another sharp drop in crude oil prices today.
Gold is also this week seeing some profit taking and chart
consolidation. The gold market bulls still 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 the 2012 high of $1,800.90.
Bears' next near-term downside price objective is closing
prices below solid technical support at last week's low of
$1,720.00. First resistance is seen at today's high of
$1,781.80 and then at $1,790.00. First support is seen at
today's low of $1,764.20 and then at this week's low of
$1,753.20. Wyckoff's Market Rating: 8.0

December silver futures closed down $0.078 an ounce at
$34.635 today. Prices closed near mid-range again today and
saw mild profit taking after hitting a 6.5-month high of
$35.10 on Tuesday. Silver bulls are in still in firm near-
term technical command. Prices are in a seven-week-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $36.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week's low of $32.51. First
resistance is seen at this week's high of $35.10 and then
at $35.50. Next support is seen at today's low of $34.32
and then at $34.00. Wyckoff's Market Rating: 8.0.

December N.Y. copper closed up 170 points at 380.40 cents
today. Prices closed near mid-range today and did hit a
fresh 4.5-month high early on today. Copper bulls have the
overall near-term technical advantage. Prices are in a
seven-week-old uptrend on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 386.45
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
364.00 cents. First resistance is seen at today's high of
383.95 cents and then at 385.00 cents. First support is
seen at today's low of 378.30 cents and then at 375.00
cents. Wyckoff's Market Rating: 7.0.