APRIL GOLD

April gold futures closed down $2.20 at $1,117.60 yesterday. Prices closed nearer the session low yesterday after hitting a fresh four-week high early on. A stronger U.S. dollar index pressured gold yesterday. The bulls still have some upside near-term technical momentum. Bulls next upside technical objective is to produce a close above solid technical resistance at the January high of $1,166.70. Bears' next downside price objective is closing prices below solid technical support at $1,075.00. First resistance is seen at yesterday's high of $1,128.70 and then at $1,132.00. Support is seen at yesterday's low of $1,112.90 and then at $1,007.00.

Wyckoff's Market Rating: 5.5.

Source: VantagePoint Intermarket Analysis Software

MARCH SILVER

March silver futures closed down 15.3 cents at $15.995 an ounce yesterday. Prices closed nearer the session low yesterday. A stronger U.S. dollar index pressured silver yesterday. A 2.5-month-old downtrend is still in place on the daily bar chart. Bears have the slight near-term technical advantage in silver. The next downside price objective for the bears is closing prices below solid technical support at the February low of $14.65. Bulls' next upside price objective is closing prices above solid technical resistance at $17.00 an ounce. First resistance is seen at yesterday's high of $16.33 and then at $16.50. Next support is seen at yesterday's low of $15.885 and then at $15.75.

Wyckoff's Market Rating: 4.0.

MARCH COPPER

March N.Y. copper closed up 95 points at 323.10 cents yesterday. Prices closed near mid-range yesterday and hit a fresh three-week high. More short covering and fresh speculative buying were seen yesterday. However, a stronger U.S. dollar index did limit the upside in copper. Bulls have the near-term technical advantage in copper following the recent very strong rebound in prices. The next downside price objective for the bears is closing prices below psychological support at 300.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 340.00 cents. First resistance is seen at yesterday's high of 326.80 cents and then at 330.00 cents. First support is seen at yesterday's low of 319.40 cents and then at 315.00 cents.

Wyckoff's Market Rating: 6.0.

Jim Wyckoff