Thursday, September 24, 2009

Metal Futures Commentary

DECEMBER GOLD

December gold futures closed down $2.70 at $1,012.80 yesterday. Prices closed near mid-range on mild profit-taking pressure from recent gains. The gold market bulls still have the solid near-term technical advantage. The recent multiple closes above what was major psychological resistance at $1,000.00 an ounce are is a bullish signal that suggests the market has more room to run on the upside, but likely amid higher volatility. Gold bulls' next upside price objective is to produce a close above solid technical resistance at the July 2008 high of $1,028.00. Bears' next downside price objective is closing prices below solid technical support at $983.20. First resistance is seen at this week's high of $1,021.50 and then at last week's high of $1,025.80. Support is seen at yesterday's low of $1,007.20 and then at $1,004.20.

Wyckoff's Market Rating: 8.0.

Source: VantagePoint Intermarket Analysis Software

DECEMBER SILVER

December silver futures closed down 20.5 cents at $16.91 an ounce yesterday. Prices closed nearer the session low yesterday. Profit taking was featured yesterday. The key 'outside markets' were in a neutral posture for silver yesterday, as crude oil prices were sharply lower, the U.S. dollar was weaker and the U.S. stock indexes were firmer. Silver futures bulls still have the solid near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. Bulls' next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.00. First resistance is seen at $17.00 and then at yesterday's high of 17.29. Next support is seen at yesterday's
low of $16.72 and then at this week's low of $16.525.

Wyckoff's Market Rating: 7.5.

DECEMBER COPPER

December N.Y. copper closed down 970 points at 276.75 cents yesterday. Prices closed nearer the session low yesterday and closed at a fresh five-week low close. Bulls faded yesterday. The key 'outside markets' were in a neutral posture for copper yesterday, as crude oil prices were sharply lower, the U.S. dollar was weaker and the U.S. stock indexes were firmer. 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 August low of 264.25 cents. Bulls' next upside objective is pushing and closing prices above major psychological resistance at 300.00 cents. First support is seen at 275.00 cents and then at 272.50 cents. First resistance is seen at 280.00 cents and then at 282.50 cents.

Wyckoff's Market Rating: 7.0.

Jim Wyckoff

No comments:

Post a Comment