Thursday, March 18, 2010

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April gold futures closed up $1.70 at $1,124.20 Wednesday. Prices closed nearer the session low. A weaker U.S. dollar index and firmer crude oil prices supported buying interest in gold Wednesday. The gold market bulls this week have kept a six-week-old uptrend from the early-February lows in place on the daily bar chart. Bulls’ next upside technical objective is to produce a close above solid technical resistance at the March high of $1,145.80. Bears’ next downside price objective is closing prices below solid technical support at last week’s low of $1,097.30. First resistance is seen at Wednesday’s high of $1,133.90 and then at $1,140.00. Support is seen at Wednesday’s low of $1,121.00 and then at $1,113.00.

Wyckoff’s Market Rating: 6.5.

May silver futures closed up 16.9 cents at $17.523 an ounce Wednesday. Prices closed nearer the session high and closed at a fresh two-month high close. The key “outside markets” were in a bullish posture for silver again Wednesday, as crude oil prices were higher, U.S. stock indexes higher and the U.S. dollar index was weaker. Silver bulls have the overall near-term technical advantage and have gained fresh upside technical momentum this week. Prices are in a six-week old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $16.835. Bulls’ next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. First resistance is seen at the March high of $17.665 and then at $17.75. Next support is seen at Wednesday’s low of $17.365 and then at Tuesday’s low of $17.13.

Wyckoff’s Market Rating: 7.0.

May N.Y. copper closed up 530 points at 341.80 cents Wednesday. Prices closed nearer the session high again on short covering and fresh speculative buying interest. The key “outside markets” were in a bullish posture for copper again Wednesday, as crude oil prices were higher, U.S. stock indexes higher and the U.S. dollar index was weaker. The copper market bulls have the overall near-term technical advantage and have regained upside technical momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 329.00 cents. Bulls’ next upside objective is pushing and closing prices above solid technical resistance at the March high of 348.70 cents. First resistance is seen at Wednesday’s high of 343.60 cents and then at 345.00 cents. First support is seen at 340.00 cents and then at Wednesday’s low of 337.15 cents.

Wyckoff’s Market Rating: 7.0.