Metals Commentary
Thursday, April 21st, 2011June gold futures closed up $4.60 at $1,499.70 yesterday. Prices closed near mid-range yesterday and hit another new all-time high of $1,506.50 an ounce. More safe-haven buying occurred in gold yesterday. The U.S. dollar index was sharply lower and crude oil prices were sharply higher yesterday, which was bullish for the gold market yesterday. Gold bulls remain in strong overall technical command. There are still no early technical warning signals that a market top is close at hand. Prices are in a nearly three-month-old uptrend on the daily bar chart and in a 10-year-old uptrend on the longer-term monthly chart. Bulls’ next near-term upside technical objective is to produce a close above resistance at $1,520.00. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,480.00. First resistance is seen at yesterday’s record high of $1,506.50 and then at $1,510.00. First support is seen at yesterday’s low of $1,493.80 and then at $1,488.20.
Wyckoff’s Market Rating: 9.0.
Source: VantagePoint Intermarket Analysis Software
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May silver futures closed up 88.7 cents at $44.795 an ounce yesterday. Prices closed near mid-range yesterday and hit another fresh contract and 31-year high of $45.40. Bulls have the strong overall near-term and longer-term technical advantage. A nearly three-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 major psychological support at $42.00. Bulls’ next upside price objective is producing a close above major psychological resistance at $50.00 an ounce. First resistance is seen at $45.00 and then at yesterday’s contract high of $45.40. Next support is seen at $44.50 and then at $44.00.
Wyckoff’s Market Rating: 9.0.
May N.Y. copper closed up 1,015 points at 433.10 cents yesterday. Prices closed nearer the session high yesterday and saw more short covering and perceived bargain hunting. The key “outside markets” were fully bullish for the copper market yesterday, as the U.S. dollar index was sharply lower, while crude oil and the U.S. stock indexes were sharply higher. Bulls have the overall near-term technical advantage and are gaining some fresh upside momentum. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 445.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of 417.20 cents. First resistance is seen at yesterday’s high of 434.80 cents and then at 437.50 cents. First support is seen at 430.00 cents and then at 427.50 cents.
Wyckoff’s Market Rating: 6.5.
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