Metals Commentary from Jim Wyckoff – 03/24/11
Thursday, March 24th, 2011METALS: April gold futures closed up $11.20 at
$1,438.80 today. Prices closed nearer the session high
today, hit a fresh three-week high and closed at a record
high close. Prices are also within easy striking distance
of the early-March all-time intra-day high. The market
was supported by higher crude oil prices and ongoing
Middle East tensions. Bulls have the solid near-term
technical advantage. Bulls’ next near-term upside
technical objective is to produce a close above solid
technical resistance at the all-time high of $1,445.70.
Bears’ next near-term downside price breakout objective
is closing prices below solid technical support at
$1,410.00. First resistance is seen at $1,445.70 and then
at $1,450.00. First support is seen at $1,430.00 and then
at today’s low of $1,425.80. Wyckoff’s Market Rating:
8.5.
May silver futures closed up 92.1 cents at $37.19 an
ounce today. Prices closed nearer the session high today
and hit a fresh 31-year high of $37.29. Bulls have strong
upside momentum. A seven-week-old uptrend is in place on
the daily bar chart. The silver bulls have the overall
near-term and longer-term technical advantage. There are
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
$35.00. Bulls’ next upside price objective is producing a
close above psychological resistance at $40.00 an ounce.
First resistance is seen at today’s high of $37.29 and
then at $37.50. Next support is seen at $36.745 and then
at $36.50. Wyckoff’s Market Rating: 9.5.
May N.Y. copper closed up 1,200 points at 443.30 cents
today. Prices closed near the session high today and hit
a fresh three-week high. Price action today also negated
a six-week-old downtrend on the daily bar chart. Bulls’
next upside breakout objective is pushing and closing
prices above solid technical resistance at 450.00 cents.
The next downside price breakout objective for the bears
is closing prices below strong technical support at this
week’s low of 426.65 cents. First resistance is seen at
today’s high of 444.00 cents and then at 445.00. First
support is seen at 440.00 cents and then at 437.60 cents.
Wyckoff’s Market Rating: 7.0.
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