Metal Futures Commentary

August gold futures closed down $2.70 at $1,231.70 yesterday. Prices closed nearer the session low yesterday in quieter trading. Mild profit-taking pressure was featured. The gold bulls still have the solid overall near-term technical advantage. There are still no solid early technical clues to suggest a market top is close at hand. Prices are in a four-month-old uptrend on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid chart resistance at the all-time high of $1,254.50. Bears' next downside price objective is closing prices below technical support at the last "reaction low" on the daily bar chart, at the June low of $1,198.10. First resistance is seen at yesterday's high of $1,239.50 and then at $1,254.50. Support is seen at yesterday's low of $1,228.30 and then at Tuesday's low of $1,221.10.

Wyckoff's Market Rating: 7.5.

July silver futures closed down 11.9 cents at $18.46 an ounce yesterday. Prices closed nearer the session low yesterday. The silver bulls have the overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at the June low of $17.195. Bulls' next upside price objective is closing prices above solid technical resistance at the June high of $18.735 an ounce. First resistance is seen at this week's high of $18.685 and then at $18.735. Next support is seen at yesterday's low of $18.38 and then at this week's low of $18.20.

Wyckoff's Market Rating: 6.5.

July N.Y. copper closed up 5 points at 300.50 cents yesterday. Prices closed near mid-range yesterday and did poke to a fresh two-week high. Copper prices are still in a two-month-old downtrend on the daily bar chart. However, the bulls have gained some fresh upside technical momentum recently to begin to suggest a market low is in place. The next downside price objective for the bears is closing prices below solid technical support at the June low of 272.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 318.70 cents. First resistance is seen at yesterday's high of 304.90 cents and then at 307.50 cents. First support is seen at yesterday's low of 295.40 cents and then at this week's low of 292.25 cents.

Wyckoff's Market Rating: 4.0.

Jim Wyckoff