February gold futures closed up $7.50 an ounce at $1,701.30 yesterday. Prices closed nearer the session high yesterday on some safe-haven buying, short covering and bargain hunting. Bearish “outside market” forces did limit the upside in gold yesterday, as the U.S. dollar index was solidly higher and crude oil was solidly lower. Gold bulls have the slight overall near-term technical advantage but have faded recently and need to show more power soon. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,724.90. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at the November low of $1,674.70. First resistance is seen at Wednesday’s high of $1,708.30 and then at $1,720.00. First support is seen at this week’s low of $1,686.00 and then at $1,680.00. Wyckoff’s Market Rating: 5.5
March silver futures closed up $0.137 an ounce at $32.085 yesterday. Prices closed nearer the session high yesterday. Bearish “outside market” forces did limit the upside in silver yesterday, as the U.S. dollar index was solidly higher and crude oil was solidly lower. The silver bulls have faded a bit and need to show more power soon. Bulls do still have the slight overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the November high of $34.49 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.50. First resistance is seen at yesterday’s high of $33.33 and then at $33.50. Next support is seen at this week’s low of $32.585 and then at $32.50. Wyckoff’s Market Rating: 5.5.
March N.Y. copper closed down 435 points at 364.30 cents yesterday. Prices closed nearer the session low yesterday on some profit taking from recent solid gains. Bearish “outside market” forces also pressured copper yesterday, as the U.S. dollar index was solidly higher and crude oil was solidly lower. Copper bulls still have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 375.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 355.00 cents. First resistance is seen at 367.50 cents and then at this week’s high of 369.40 cents. First support is seen at yesterday’s low of 363.30 cents and then at 360.00 cents. Wyckoff’s Market Rating: 6.0.
