METALS:
December gold futures closed up $0.10 at $1,298.20 today. Prices today closed near mid-range in quieter trading as the market pauses and consolidates after setting a fresh all-time record high of $1,301.60 an ounce on Friday. A stable U.S. dollar today limited buying interest in gold. However, some fresh economic and financial worries coming out of the European Union did limit selling interest in gold. Bulls still have the solid overall near-term technical advantage. There are still no early technical clues to suggest a market top is close at hand in the gold market. The fact that volatility in the gold market has not increased significantly with prices in uncharted territory is another bullish clue and suggests the modest uptrend in prices can continue. Prices are in a two-month-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,325.00. Bears' next near- term downside price objective is closing prices below solid technical support at $1,270.00. First resistance is seen at the all-time high of $1,301.60 and then at $1,310.00. Support is seen at today's low of $1,295.80 and then at $1,287.50.
December silver futures closed up 5.1 cents at $21.45 an ounce today. Prices closed nearer the session low today but did hit a fresh 30-year high today. Silver bulls still have the solid near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. There are still no early technical clues to suggest a market top is close at hand. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $20.515. Bulls' next upside price objective is producing a close above solid technical resistance at $22.50 an ounce. First resistance is seen at $21.50 and then at today's high of $21.645. Next support is seen at today's low of $21.365 and then at $21.25.
December N.Y. copper closed down 220 points at 359.60 cents today. Prices closed nearer the session low today and saw profit-taking pressure after hitting a fresh 5.5- month high early on today. The copper bulls still have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the April high of 366.90 cents. The next downside price objective for the bears is closing prices below solid technical support at 345.00 cents. First resistance is seen at 362.50 cents and then at today's high of 364.40 cents. First support is seen at 355.00 cents and then at 352.50 cents.
*. ENERGIES:
November crude oil closed down $0.21 at $76.28 a barrel today. Prices closed near mid-range today. Bulls and bears are on a level near-term technical playing field. The next near-term upside price objective for the bulls is producing a close above solid technical resistance at the September high of $78.86 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $73.58. First resistance is seen at today's high of $77.17 and then at $77.50. First support is seen at today's low of $75.52 and then at $75.00.
November natural gas closed down 9.3 cents at $3.916 today. Prices gapped lower on the daily bar chart, hit a fresh contract low and closed near mid-range today. The bears have the solid overall near-term technical advantage and gained more power today as prices saw a bearish downside "breakout" from the recent sideways trading range at lower price levels. The next upside price objective for the bulls is closing prices above solid technical resistance at the September high of $4.298. The next downside price objective for the bears is closing prices below solid technical support at $3.75. First resistance is seen at $4.00 and then at $4.10. First support is seen at today's contract low of $3.867 and then at $3.80.
