By Jim Wyckoff of Kitco News Comex gold futures prices ended firmer and near the middle of the day's trading range Thursday. The market hit a new all-time record high as speculative and technically related buying interest supports the price advance. December Comex gold last traded up $6.00 an ounce at $1,274.70. Spot gold was last quoted up $5.10 at $1,273.75. Gold received buying support from a weaker U.S. dollar index Thursday. However, the dollar index recovered some of its early losses and gold backed off from its record high price levels in the wake of a better-than-expected weekly U.S. jobless claims report that showed a decline in claims. U.S. stock indexes were weaker Thursday, while U.S. Treasuries were also weaker, both of which provided little impetus for gold traders as the day progressed. Traders are looking ahead to arguably the most important U.S. economic report of the week on Friday: the consumer price index. They reckon that report could provide the Federal Reserve with ammunition to further stimulate the U.S. economy with quantitative easing. The London P.M. gold fixing was $1,272.50 versus the previous P.M. fixing of $1,267.00 an ounce. From an important technical perspective, December gold futures bulls still have the solid overall near-term technical advantage. There are no early technical clues to suggest a market top is close at hand. Look for price volatility in the gold market to heat up in the near term, with bigger daily price movements likely, both on the upside and on the downside, with prices now in uncharted territory. Prices are in a seven-week-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,300.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at Thursday's contract and all-time high of $1,279.50 and then at $1,285.00. Support is seen at Thursday's low of $1,266.10 and then at $1,260.00. Wyckoff's Market Rating: 8.5. December silver futures closed up 22.9 cents at $20.80 an ounce Thursday. Prices closed near the session high and scored a fresh 30-month high. A weaker U.S. dollar index and good speculative buying interest boosted the silver market Thursday. Silver bulls have the solid near-term technical advantage. Prices are in a steep three-week-old uptrend on the daily bar chart. There are still no early technical clues to suggest a market top is close at hand. However, the market is now short-term oversold and due for a corrective pullback very soon. The next downside price objective for the bears is closing prices below solid technical support at $20.00. Bulls' next upside price objective is producing a close above solid technical resistance at $21.00 an ounce. First resistance is seen at Thursday's high of $20.82 and then at $21.00. Next support is seen at Thursday's low of $20.475 and then at $20.34. Wyckoff's Market Rating: 9.0. December N.Y. copper closed up 260 points at 349.25 cents Thursday. Prices closed nearer the session high. The U.S. dollar index was weaker Thursday, which did support copper. The copper bulls still have the overall near-term technical advantage. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 360.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 330.00 cents. First resistance is seen at Thursday's high of 351.70 cents and then at last week's high of 353.45 cents. First support is seen at 347.00 cents and then at Thursday's low of 344.35 cents. Wyckoff's Market Rating: 7.0.

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