February gold futures closed up $8.00 at $1,137.40 yesterday. Prices closed near the session high yesterday on short covering and bottom-picking buying and amid the weaker U.S. dollar yesterday. Gold bulls have the overall near-term technical advantage. Prices are still in a four-week-old uptrend on the daily bar chart. Gold bulls' next upside price objective is to produce a close above solid technical resistance at this week's high of $1,163.00. Bears' next downside price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at $1,141.00 and then at $1,150.00. Support is seen at $1,130.00 and then at $1,125.00.

March silver futures closed up 33.5 cents at $18.59 an ounce yesterday. Prices closed nearer the session high yesterday on short covering and fresh speculative buying interest. Silver bulls have the solid near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at $17.50. Bulls' next upside price objective is closing prices above solid technical resistance at the December high of $19.50 an ounce. First resistance is seen at yesterday's high of $18.625 and then at $18.81. Next support is seen at $18.50 and then at $18.25.

Wyckoff's Market Rating: 7.5.

March N.Y. copper closed up 635 points at 341.30 cents yesterday. Prices closed near the session high yesterday on short covering and bottom-picking buying interest. Copper bulls have the solid overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 327.50 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's high of 354.40 cents. First resistance is seen at yesterday's high of 341.85 cents and then at 345.00 cents. First support is seen at 340.00 cents and then at 337.50 cents.

Wyckoff's Market Rating: 7.5

Source: VantagePoint Intermarket Analysis Software

Jim Wyckoff
TradingEducation.com