December gold futures closed down $45.10 at $722.90 Wednesday. Prices closed near the session low Wednesday and hit a fresh 13-month low. The gold market was pressured by very bearish "outside markets"-a stronger U.S. dollar, and sharply lower crude oil prices. Serious near-term chart damage has been inflicted this week. Bears still have downside near-term technical momentum. Bears' next downside price objective is closing prices below psychological support at $700.00. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $780.00. First resistance is seen at $739.80, and then at $750.00. Support is seen at Wednesday's low of $720.00, and then at $700.00. Wyckoff's Market Rating: 2.5.
December silver futures closed down 68.5 cents at $9.39 an ounce Wednesday. Prices closed near the session low Wednesday. Bears still have the near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $11.195 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $9.00. First resistance is seen at $9.50, and then at $10.00. Next support is seen at this week's low of $9.35, and then at last week's low of $9.09. Wyckoff's Market Rating: 3.0.
December N.Y. copper closed down 1,925 points at 181.45 cents Wednesday. Prices closed near the session low, and careened to another fresh contract low Wednesday. Prices were pressured by very bearish "outside markets" again Wednesday-a stronger U.S. dollar, and sharply lower crude oil futures prices. Copper bears still have the near-term technical advantage in copper, and gained still more power Wednesday.
Prices are still in a three-month-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at 150.00 cents. Bulls' next upside objective is pushing and closing prices above major psychological resistance at 200.00 cents. First support is seen at Wednesday's contract low of 180.60 cents, and then at 175.00 cents. First resistance is seen at 185.00 cents, and then at 190.00 cents. Wyckoff's Market Rating: 1.0.
The risk of loss in trading commodity futures and options can be substantial. Before trading, you should carefully consider your financial position to determine if futures trading is appropriate. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Past performance is not necessarily indicative of future results.
