February gold futures closed up $5.20 at $1,218.20 yesterday. Prices closed near mid-range yesterday and scored another fresh contract and all-time high. Gold bulls have the solid overall near-term technical advantage. While there are still no strong, early technical clues of a market top being close at hand for gold, the market is due for a decent corrective pullback soon. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $1,250.00. Bears' next downside price objective is closing prices below solid technical support at last week's low of $1,135.80. First resistance is seen at yesterday's contract high of $1,227.50 and then at $1,230.00. Support is seen at yesterday's low of $1,205.20 and then at $1,200.00.
March silver futures closed down 21.5 cents at $19.11 an ounce yesterday. Prices closed near mid-range yesterday after hitting another fresh 16-month high early on. Prices also scored a bearish "outside day" down on the daily bar chart yesterday. If there is strong follow-through selling pressure in silver on Friday, then a bearish "key reversal" down would be confirmed, which would be one early clue that a market top is in place in silver. But right now the silver bulls still have the solid near-term technical advantage. Bulls' next upside price objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $17.72. First resistance is seen at yesterday's high of $19.50 and then at $19.75. Next support is seen at $19.00 and then at yesterday's low of $18.835.
Wyckoff's Market Rating: 7.5.
March N.Y. copper closed down 25 points at 325.60 cents yesterday. Prices closed nearer the session high yesterday and poked to another fresh 15-month high. Copper bulls still have the solid near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 335.00 cents. First resistance is seen at yesterday's high of 327.45 cents and then at 330.00 cents. First support is seen at yesterday's low of 323.30 cents and then at 320.75 cents.
