Metals Market Commentary – 03/15/11
Tuesday, March 15th, 2011April gold futures closed up $3.60 at $1,425.50 yesterday. Prices closed near mid-range yesterday and were supported by safe-haven buying from the Japan earthquake and tsunami, and on continued Middle East tensions. A weaker U.S. dollar also supported gold yesterday. Lower crude oil prices did limit gains in gold. The gold market bulls have the solid overall technical advantage. A six-week-old price uptrend on the daily bar chart was re-established yesterday. Bulls’ next near-term upside technical objective is to produce a close above solid technical resistance at last week’s all-time high of $1,445.70. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,400.00. First resistance is seen at yesterday’s high of $1,433.50 and then at $1,445.70. First support is seen at yesterday’s low of $1,418.20 and then at $1,410.00.
Wyckoff’s Market Rating: 8.0.
Source: VantagePoint Intermarket Analysis Software
Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate * 800-732-5407
If you would rather have the recent forecasts sent to you, please go here
May silver futures closed down 4.0 cents at $35.895 an ounce yesterday. Prices closed near mid-range yesterday and saw mild profit-taking pressure. The silver bulls have the strong overall near-term technical advantage. There are still no early technical clues to suggest a market top is close at hand. Prices are in a steep six-week-old uptrend on the daily bar chart. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $34.05. Bulls’ next upside price objective is producing a close above solid technical resistance at last week’s high of $36.745 an ounce. First resistance is seen at $36.00 and then at yesterday’s high of $36.505. Next support is seen at yesterday’s low of $35.50 and then at $35.00.
Wyckoff’s Market Rating: 8.5.
May N.Y. copper closed down 185 points at 418.90 cents yesterday. Prices closed near mid-range yesterday. Prices Friday hit a nearly three-month low. Serious near-term chart serious chart damage has occurred in copper recently. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 437.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of 408.60 cents. First resistance is seen at yesterday’s high of 422.75 cents and then at 425.00. First support is seen at 415.00 cents and then at yesterday’s low of 414.00 cents.
Wyckoff’s Market Rating: 4.0.
Read More at TraderPlanet.com »
