FERBRUAY GOLD

February gold futures closed down $34.10 at $1,102.10 yesterday. Prices closed near the session low, hit a fresh six-week low and scored a bearish 'outside day' down on the daily bar chart yesterday. A stronger U.S. dollar sunk gold yesterday. More near-term chart damage was inflicted in gold yesterday, to better suggest that a near- term market top is in place. Gold bulls' next upside price objective is to produce a close above solid technical resistance at yesterday's high of $1,142.90. Bears' next downside price objective is closing prices below solid technical support at $1,072.00. First resistance is seen at $1,110.20 and then at $1,120.00. Support is seen at yesterday's low of $1,098.00 and then at $1,090.00.

Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

MARCH SILVER

March silver futures closed down 45.8 cents at $17.235 an ounce yesterday. Prices closed nearer the session low yesterday. The key 'outside markets' were in a bearish posture for silver yesterday, as the U.S. dollar was stronger, while crude oil and U.S. stock indexes were weaker. Bulls faded yesterday and do not want to see a bearish weekly low close on Friday. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $16.90. Bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $17.81 an ounce. First resistance is seen at $17.50 and then at $17.81. Next support is seen at yesterday's low of $17.115 and then at $17.00.

Wyckoff's Market Rating: 5.5.

MARCH COPPER

March N.Y. copper closed down 855 points at 312.00 cents yesterday. Prices closed near the session low yesterday on profit taking. The key 'outside markets' were in a bearish posture for copper yesterday, as the U.S. dollar was stronger, while crude oil and U.S. stock indexes were weaker. Copper bulls still have the overall near-term technical advantage. However, bulls do not want to see a bearish weekly low close on Friday. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 308.15 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at this week's high of 321.95 cents. First resistance is seen at 315.00 cents and then at 317.50 cents. First support is seen at yesterday's low of 311.55 cents and then at 310.00 cents.

Wyckoff's Market Rating: 6.5.

Jim Wyckoff
TradingEducation.com