Market Overview

Metals Commentary from Jim Wyckoff

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METALS: December gold futures closed down $1.40
an ounce at $1,617.00 today. Prices closed near
mid-range today. The market consolidated recent
more volatile price action today. The market was
supported by higher crude oil prices, but gains in
gold were limited by higher U.S. stock indexes.
Bears still have the slight overall near-term
technical advantage in gold. Serious near-term
technical damage has been inflicted recently.
Prices are in a steep three-week-old downtrend on
the daily bar chart. Bulls' next upside technical
objective is to produce a close above solid
technical resistance at $1,705.40. Bears' next
near-term downside price objective is closing
prices below strong technical support at this
week's low of $1,535.00. First resistance is seen
at today's high of $1,637.90 and then at $1,650.00.
First support is seen at $1,600.00 and then at
today's low of $1,585.00. Wyckoff's Market Rating:
4.5.

December silver futures closed up $0.261 an ounce
at $30.39 today. Prices closed near mid-range
today. Higher crude oil prices supported modest
buying interest in silver today. But serious near-
term and longer-term chart damage has been
inflicted recently. Prices are still in a six-week-
old downtrend on the daily bar chart. Silver bulls'
next upside price objective is producing a close
above strong technical resistance at this week's
high of $33.585 an ounce. The next downside price
breakout objective for the bears is closing prices
below solid technical support at this week's lwo of
$26.15. First resistance is seen at $31.00 and then
at today's high of $31.535. Next support is seen at
$30.00 and then at $29.50. Wyckoff's Market Rating:
3.5.

December N.Y. copper closed down 25 points 324.40
cents today. Prices closed nearer the session high
today. Serious near-term chart damage has occurred
recently. Copper bears have the solid overall near-
term technical advantage as a four-week-old
downtrend is in place on the daily bar chart.
Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical
resistance at 350.00 cents. The next downside price
breakout objective for the bears is closing prices
below solid technical support at this week's low of
307.15 cents. First resistance is seen at today's
high of 328.95 cents and then at 330.00 cents.
First support is seen at 320.00 cents and then at
316.50 cents. Wyckoff's Market Rating: 2.0.

Read More at TraderPlanet.com »

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: metal precious metalsCommodities Markets

 

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