August gold futures closed down $16.20 at $1,229.40 yesterday. Prices closed nearer the session low yesterday on profit-taking pressure and an increase in investor risk appetite worldwide. No technical damage occurred yesterday. The gold bulls still have the solid overall near-term technical advantage. There are still no 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 psychological resistance at $1,300.00. Bears' next downside price objective is closing prices below technical support at the last "reaction low" on the daily bar chart, at last week's low of $1,198.10. First resistance is seen at yesterday's high of $1,242.60 and then at Tuesday's record high of $1,254.50. Support is seen at yesterday's low of $1,223.10 and then at this week's low of $1,212.10.

Wyckoff's Market Rating: 8.0.

July silver futures closed down 30.0 cents at $18.17 an ounce yesterday. Prices closed nearer the session low yesterday and followed gold down instead of reacting to bullish outside market forces that included a weaker U.S. dollar index and higher crude oil and stock index futures prices. This is a bit worrisome for silver market bulls. The bulls do still have the overall near-term technical advantage. However, prices are still in a four-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $17.195. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.735 an ounce. First resistance is seen at yesterday's high of $18.375 and then at this week's high of $18.49. Next support is seen at $18.00 and then at $17.75.

Wyckoff's Market Rating: 6.5.

July N.Y. copper closed up 665 points at 284.60 cents yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Copper prices are still in a two-month-old downtrend on the daily bar chart and the bears still have the solid overall near-term technical advantage. There are still no early clues of a market low being close at hand in copper. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 272.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 300.00 cents. First resistance is seen at yesterday's high of 287.90 cents and then at 290.00 cents. First support is seen at 280.00 cents and then at yesterday's low of 277.75 cents.

Wyckoff's Market Rating: 3.0.

Jim Wyckoff