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Thursday, May 5, 2011

Analysis gold , silver futures prices Metals Commentary

Analysis gold , silver futures Metals Commentary : June gold futures closed down $30.50 at $1,510.20 yesterday. Prices closed nearer the session low yesterday and saw heavy profit-taking pressure from recent gains. Solidly lower crude oil prices again yesterday helped to pressure the gold market. No significant chart damage has occurred in gold. Gold bulls remain in overall near-term technical control. However, silver market action recently, with big daily downside moves and high volatility, is worrisome to the gold market bulls.

Gold prices are still in a three-month-old uptrend on the daily bar chart and in a 10-year-old uptrend on the longer-term monthly chart. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at Monday's record high of $1,577.40. Bears' next near-term downside price objective is closing prices below psychological support at $1,500.00. First resistance is seen at $1,520.00 and then at $1,530.00. First support is seen at yesterday's low of $1,505.50 and then at $1,500.00.

Wyckoff's Market Rating: 7.5.

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July silver futures closed down 323.5 cents at $39.35 an ounce yesterday. Prices closed nearer the session low yesterday and hit a fresh four-week low. Prices sold off sharply again yesterday on more profit-taking, long-liquidation and margin selling. Serious near-term chart damage has been inflicted recently. Bulls still have the slight overall near-term technical advantage, but have faded badly and need to show fresh power very soon. The next downside price breakout objective for the bears is closing prices below solid technical support at $37.50. Bulls' next upside price objective is producing a close above solid technical resistance at $45.00 an ounce. First resistance is seen at $40.00 and then at $40.50. Next support is seen at yesterday's low of $38.94 and then at $38.50.

Wyckoff's Market Rating: 5.5.

July N.Y. copper closed down 1,175 points at 413.55 cents yesterday. Prices closed near the session low yesterday and closed at a fresh six-week low close. The big selling pressure in gold and silver, and in crude oil, pressured the copper market yesterday. Copper bears now have the near-term technical advantage. Copper prices are in a three-week-old downtrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 435.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the March low of 409.50 cents. First resistance is seen at 415.00 cents and then at 419.20 cents. First support is seen at yesterday's low of 412.85 cents and then at this week's low of 410.75 cents.

Wyckoff's Market Rating: 4.5.

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