June gold futures closed up $0.50 at $1,160.10 yesterday. Prices closed near the session high yesterday and were supported by speculative bargain-hunting buying afterprices were under selling pressure early on. A stronger U.S. dollar index did limit gains in gold, however. Bulls still have the solid near-term technical advantage. A nine-week-old uptrend line is in place on the daily bar chart. Bulls' next upside technical objective is to produce a close above psychological resistance at $1,200.00. Bears' next downside price objective is closing prices below solid technical support at $1,135.00. First resistance is seen at the January high of $1,164.10 and then at this week's high of $1,170.70. Support is seen at yesterday's low of $1,150.70 and then at the this week's low of $1,145.40.
May silver futures closed up 1.5 cents at $18.43 an ounce yesterday. Prices closed nearer the session high yesterday. A stronger U.S. dollar index did limit gains yesterday. Silver bulls still have the solid near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The next downside priceobjective for the bears is closing prices below solid technical support at $17.665. Bulls' next upside price objective is closing prices above solid technical resistance at the January high of $18.90 an ounce. First resistance is seen at yesterday's high of $18.54 and then at this week's high of $18.605. Next support is seen at yesterday's low of $18.225 and then at this week's low of $17.955.
Wyckoff's Market Rating: 7.5.
May N.Y. copper closed down 90 points at 360.15 cents yesterday. Prices closed near mid-range in quieter trading. A stronger U.S. dollar index did lightly pressure the red industrial metal yesterday. The copper bulls still have the solid overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 345.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the contract high of 375.45 cents. First resistance is seen at yesterday's high of 362.55 cents and then at last week's high of 363.85 cents. First support is seen at yesterday's low of 356.40 cents and then at 355.00 cents.
