Gold Bulls Maintain Overall Technical Advantage
Thursday, October 18th, 2012METALS: December gold futures closed up $5.40 an ounce
at $1,751.70 today. Prices closed near mid-range today and
saw more short covering and bargain hunting following
recent selling pressure. A weaker U.S. dollar index
supported gold again today. The gold bulls have the overall
near-term technical advantage but need to show more power
soon to gain fresh upside momentum. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at $1,775.00. Bears’ next near-
term downside price objective is closing prices below solid
technical support at $1,720.00. First resistance is seen at
this week’s high of $1,755.50 and then at $1,765.00. First
support is seen at today’s low of $1,744.00 and then at
Tuesday’s low of $1,736.10. Wyckoff’s Market Rating: 6.5
December silver futures closed up $0.271 an ounce at $33.23
today. Prices closed nearer the session high today and saw
more short covering and bargain hunting following recent
selling pressure. The weaker U.S. dollar index today again
supported silver. Bulls still need to show more power to
see fresh upside momentum. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $34.38 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $32.00. First resistance is seen
at this week’s high of $33.47 and then at $33.75. Next
support is seen at today’s low of $32.88 and then at this
week’s low of $32.57. Wyckoff’s Market Rating: 6.0.
December N.Y. copper closed up 455 points at 374.55 cents
today. Prices closed near the session high today. More
short covering and bargain hunting were seen today. The
weaker U.S. dollar index also boosted copper today. Copper
bulls still have the overall near-term technical advantage.
Copper bulls’ next upside breakout objective is pushing and
closing prices above solid technical resistance at the
September high of 383.95 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 360.00 cents. First resistance
is seen at today’s high of 375.50 cents and then at last
week’s high of 377.85 cents. First support is seen at
372.50 cents and then at 370.00 cents. Wyckoff’s Market
Rating: 6.0.
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