Crude oil futures prices traded solidly higher Monday, on news the Alaska pipeline has a leak, which added to fresh buying interest in the precious metals markets. The London P.M. gold fix was $1,368.25 versus the previous P.M. fixing of $1,367.00. Comex gold futures closed modestly higher and near the daily high Monday as bargain hunters stepped in to buy the dip, following recent selling pressure. A weakening U.S. dollar index and stronger crude oil prices also supported some fresh buying interest in the precious metals Monday. February Comex gold last traded up $5.00 at $1,373.90 an ounce. Spot gold last traded up $4.30 at $1,374.50. The U.S. dollar index started out the session higher Monday morning, hitting a fresh six-week high overnight, but then backed off on some corrective selling pressure. As the dollar backed down, gold prices started to move higher. Still, the dollar bulls have regained upside technical momentum. Much of the greenback's strength is coming from a weaker Euro, as that common currency is being pressured by the renewed, yet ongoing, European Union debt crisis that just won't go away. There are some smaller EU country bond auctions upcoming that have the market place concerned regarding investor demand, or lack thereof, for those bonds. Crude oil futures prices traded solidly higher Monday, on news the Alaska pipeline has a leak, which added to fresh buying interest in the precious metals markets. The London P.M. gold fix was $1,368.25 versus the previous P.M. fixing of $1,367.00. Technically, February Comex gold futures prices closed nearer the session high Monday. Some near-term chart damage occurred last week, including a bearish weekly low close on Friday, as the bulls have faded and need to show more power soon. Recent selling pressure has raised the specter of a bearish head-and-shoulders top pattern forming on the daily bar chart. The gold market bulls do still have the overall near-term and longer-term technical advantage. Prices have been trading sideways at higher price levels for around three months. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,400.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at Monday's high of $1,376.40 and then at $1,380.00. Support is seen at Monday's low of $1,365.00 and then at $1,360.00. Wyckoff's Market Rating: 6.5. March silver futures closed up 32.9 cents at $29.00 an ounce Monday. Prices closed nearer the session high and saw some short covering and bargain-hunting buying from recent selling pressure that did produce a bearish weekly low close last Friday. A weaker U.S. dollar index late today and higher crude oil prices also supported buying interest in silver. The silver bulls have the overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at $28.00. Bulls' next upside price objective is producing a close above solid technical resistance at $30.00 an ounce. First resistance is seen at Monday's high of $29.14 and then at $29.375. Next support is seen at Monday's low of $28.65 and then at $28.50. Wyckoff's Market Rating: 7.0. March N.Y. copper closed down 115 points at 427.10 cents Monday. Prices closed nearer the session low and saw more profit-taking pressure from recent gains. Prices last week hit an all-time high. A weaker U.S. dollar index and stronger crude oil prices today did limit the downside in copper. The copper bulls still have the overall near-term technical advantage. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's all-time high of 449.80 cents. The next downside price objective for the bears is closing prices below solid technical support at 420.40 cents. First resistance is seen at 430.00 and then at Monday's high of 432.75 cents. First support is seen at last week's low of 425.05 cents and then at 422.50 cents.

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