Gold And Silver Bulls Still Technically Weak

June gold futures closed down $3.60 an ounce at $1,572.30 today. Prices closed near mid-range, and saw a corrective pullback and some consolidation following Friday's gains. The gold bears have the solid overall near- term technical advantage. Prices are in a six-month-old downtrend on the daily bar chart. The gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,600.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,525.00. First resistance is seen at today's high of $1,582.90 and then at $1,590.00. First support is seen at today's low of $1,566.60, and then at $1,562.50. Wyckoff's Market Rating: 2.5

May silver futures closed down $0.065 an ounce at $27.155 today. Prices closed nearer the session low today and are hovering near a nine-month low. The silver bears have the solid overall near-term technical advantage. Prices are in a six-month-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at $28.00 an ounce.

The next downside price breakout objective for the bears is closing prices below solid technical support at $26.00. First resistance is seen at today's high of $27.465 and then at $27.925. Next support is seen at $27.00 and then at Friday's low of $26.73. Wyckoff's Market Rating: 2.0.

May N.Y. copper closed up 265 points at 337.05 cents today. Prices closed near mid-range, and saw short covering in a bear market. Prices last week hit a contract low. Copper bears still have the solid overall near-term technical advantage.

Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at last week's high of 340.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 330.00 cents. First resistance is seen at today's high of 339.40 cents, and then at 342.50 cents. First support is seen at 335.00 cents and then at today's low of 333.90 cents. Wyckoff's Market Rating: 2.0.