APRIL GOLD

April gold futures closed down $4.10 at $1,073.10 yesterday. Prices closed near mid-range yesterday and were pressured by a firmer U.S. dollar index. A nine-week-old downtrend is in place on the daily bar chart. Bears have the overall near-term technical advantage. Bulls next upside technical objective is to produce a close above solid technical resistance at $1,100.00. Bears' next downside price objective is closing prices below solid technical support at last week's low of $1,044.50. First resistance is seen at this week's high of $1,083.80 and then at $1,090.00. Support is seen at $1,070.00 and then at this week's low of $1,062.10.

Wyckoff's Market Rating: 4.0.

Source: VantagePoint Intermarket Analysis Software

MARCH SILVER

March silver futures closed down 15.5 cents at $15.28 an ounce yesterday. Prices closed near mid-range yesterday. A bear flag pattern has formed on the daily bar chart for silver. A two-month-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $14.65. Bulls' next upside price objective is closing prices above solid technical resistance at $16.00 an ounce. First resistance is seen at yesterday's high of $15.645 and then at $15.75. Next support is seen at yesterday's low of $15.075 and then at $15.00.

Wyckoff's Market Rating: 3.0.

MARCH COPPER

March N.Y. copper closed up 20 points at 298.90 cents yesterday. Prices closed nearer the session high yesterday on tepid short covering in a bear market. Serious chart damage has been inflicted in copper to suggest a market top is in place. Prices are in a five-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 281.10 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's high of 314.40 cents. First resistance is seen at yesterday's high of 301.50 cents and then at 305.00 cents. First support is seen at 295.00 cents and then at yesterday's low of 293.05 cents.

Wyckoff's Market Rating: 3.5.

Jim Wyckoff