Metals Commentary – 04/07/11
Thursday, April 7th, 2011June gold futures closed up $6.40 at $1,458.90 yesterday. Prices closed near mid-range yesterday and hit another fresh all-time record high. Technicals and fundamentals are fully bullish in the gold market. Continued safe-haven buying, inflation worries and a weaker U.S. dollar index are boosting the gold market. Bulls have the strong overall near-term and longer-term technical advantage. There are still no early technical warning signals that a market top is close at hand for gold. Prices are in a two-month-old uptrend on the daily bar chart. Bulls’ next near-term upside technical objective is to produce a close above major psychological resistance at $1,500.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at this week’s low of $1,429.10. First resistance is seen at yesterday’s all-time high of $1,467.00 and then at $1,475.00. First support is seen at yesterday’s low of $1,452.50 and then at $1,447.20.
Wyckoff’s Market Rating: 9.5.
Source: VantagePoint Intermarket Analysis Software
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May silver futures closed up 26.7 cents at $39.45 an ounce yesterday. Prices closed near mid-range yesterday and hit yet another fresh 31-year high. Same story: Bulls have the strong overall near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. There are still no early clues to suggest a market top is close at hand. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $37.81. Bulls’ next upside price objective is producing a close above psychological resistance at $40.00 an ounce. First resistance is seen at yesterday’s high of $39.785 and then at $40.00. Next support is seen at yesterday’s low of $39.12 and then at $38.50.
Wyckoff’s Market Rating: 9.5.
May N.Y. copper closed up 1,060 points at 437.05 cents yesterday. Prices closed near the session high yesterday and saw short covering and some perceived bargain-hunting buying interest. Bulls have the overall near-term technical advantage and regained some upside momentum yesterday. However, prices are still in a seven-week-old downtrend on the daily bar chart. Bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the last “reaction high” of 445.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 421.20 cents. First resistance is seen at yesterday’s high of 437.90 cents and then at 440.00. First support is seen at 435.00 cents and then at 432.50 cents.
Wyckoff’s Market Rating: 6.5.
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