FEBRUARY GOLD

February gold futures closed down $2.50 at $1,134.00 yesterday. Prices closed near mid-range and were pressured on profit taking and a stronger U.S. dollar. Gold bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $1,160.00. Bears' next downside price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at this week's high of $1,141.00 and then at $1,150.00. Support is seen at yesterday's low of $1,128.70 and then at $1,120.00.

Wyckoff's Market Rating: 6.5.

Source: VantagePoint Intermarket Analysis Software

MARCH SILVER

March silver futures closed up 14.5 cents at $18.32 an ounce yesterday. Prices again closed near the session high and hit another fresh four-week high yesterday. Silver bulls this week have gained solid upside near-term technical momentum. 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 $19.00 an ounce. First resistance is seen at yesterday's high of $18.42 and then at $18.50. Next support is seen at $18.25 and then at yesterday's low of $18.05.

Wyckoff's Market Rating: 7.5.

MARCH COPPER

March N.Y. copper closed down 645 points at 344.00 cents yesterday. Prices closed near the session low yesterday after hitting another fresh 16-month high. The key 'outside markets' were in a mostly bearish posture for copper yesterday, as the U.S. dollar was stronger and crude oil prices were weaker. Copper bulls still have the solid overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 330.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 375.00 cents. First resistance is seen at 345.00 cents and then at 350.00 cents. First support is seen at 340.00 cents and then at 337.50 cents.

Wyckoff's Market Rating: 8.0.

Jim Wyckoff
TradingEducation.com