AUGUST GOLD

August gold futures closed down $12.40 at $1,210.20 yesterday. Prices closed nearer the session low and saw more profit-taking pressure from recent gains. Stabilizing world financial markets have taken away some of the safe-haven buying interest in gold just recently. But the gold bulls still have the 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 solid technical resistance at the record high of $1,251.40. Bears' next downside price objective is closing prices below technical support at the last 'reaction low' on the daily bar chart, at $1,168.00. First resistance is seen at $1,220.00 and then at yesterday's high of $1,226.50 and then at this week's high of $1,230.60. Support is seen at yesterday's low of $1,202.40 and then at $1,200.00.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

JULY SILVER

July silver futures closed down 33.0 cents at $17.985 an ounce yesterday. Prices closed nearer the session low yesterday and saw more profit taking. The silver bulls still have the overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at the last 'reaction low' of $17.41. Bulls' next upside price objective is closing prices above solid technical resistance at the May high of $19.845 an ounce. First resistance is seen at $18.25 and then at $18.50. Next support is seen at yesterday's low of $17.825 and then at $17.50.

Wyckoff's Market Rating: 6.5.

JULY COPPER

July N.Y. copper closed down 925 points at 294.80 cents yesterday. Prices closed nearer the session low yesterday and scored a bearish 'outside day' down on the daily bar chart. Copper prices are in a seven-week-old downtrend on the daily bar chart and the bears have the solid overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's high of 318.70 cents. First resistance is seen at 300.00 cents and then at 305.00 cents. First support is seen at yesterday's low of 292.55 cents and then at the May low of 290.55 cents.

Wyckoff's Market Rating: 3.0.

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