Wyckoff’s Metals Commentary

April gold futures closed up $14.80 an ounce at $1,698.70 yesterday. Prices closed nearer the session high yesterday and saw more bargain hunting and another corrective upside bounce after prices Tuesday hit a fresh six-week low. The key “outside markets” were again bullish for gold yesterday, as the U.S. dollar index was lower while crude oil prices were firmer. The bulls need to show more power soon to re-establish upside technical momentum. The bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,727.30. Bears’ next near-term downside price objective is closing prices below solid technical support at this week’s low of $1,663.40. First resistance is seen at yesterday’s high of $1,704.80 and then at $1,718.00. First support is seen at yesterday’s low of $1,683.60 and then at Wednesday’s low of $1,671.70.
wyckoff_030912.JPG
Source: VantagePoint Intermarket Analysis Software

May silver futures closed up $0.255 an ounce at $33.84 yesterday. Prices closed near mid-range yesterday and saw more bargain hunting and another corrective bounce after hitting a six-week low on Tuesday. The key “outside markets” were again bullish for silver yesterday, as the U.S. dollar index was lower while crude oil prices were firmer. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $35.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.00. First resistance is seen at yesterday’s high of $34.185 and then at $34.50. Next support is seen at yesterday’s low of $33.36 and then at $33.00.

May N.Y. copper closed up 205 points 378.75 cents yesterday. Prices closed near mid-range yesterday on another corrective rebound from strong selling pressure earlier this week. The key “outside markets” were again bullish for copper yesterday, as the U.S. dollar index was lower while crude oil prices were firmer. Copper bulls have the overall near-term technical advantage, but need to show more power soon to re-establish upside momentum. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 390.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of 370.25 cents. First resistance is seen at 380.00 cents and then at yesterday’s high of 383.10 cents. First support is seen at yesterday’s low of 376.50 cents and then at 375.00 cents.

Advertisements

About abwehra group

The Art&Science of Trading Gold
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s