METALS:
December gold futures closed up $9.80 at $1,308.40 today. Prices today closed near the session high, scored another fresh record high and scored a big and bullish "outside day" up on the daily bar chart--whereby the high is higher and low is lower than the previous day's trading range, with a higher close. A weaker U.S. dollar and safe-haven buying interest following some dour U.S. economic data today boosted gold. Gold bulls have the solid overall near-term technical advantage and gained more power today. There are still no early technical clues to suggest a market top is close at hand in the gold market. 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 today's low of $1,276.20. First resistance is seen at today's all-time high of $1,311.80 and then at $1,315.00. Support is seen at $1,300.00 and then at $1,290.00.
December silver futures closed up 25.9 cents at $21.73 an ounce today. Prices closed near the session high, hit a fresh 30-year high and also scored a big and bullish "outside day" up on the daily bar chart today. The weaker greenback today and the rally in gold boosted silver prices solidly higher. 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 $21.00. Bulls' next upside price objective is producing a close above solid technical resistance at $22.50 an ounce. First resistance is seen at today's high of $21.775 and then at $22.00. Next support is seen at $21.50 and then at $21.25. .
December N.Y. copper closed up 345 points at 363.15 cents today. Prices closed near the session high today and closed at a fresh 5.5-month high close. A weaker U.S. dollar boosted the copper market today. The copper bulls 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 this week's high of 364.40 cents and then at 367.50 cents. First support is seen at 360.00 cents and then at today's low of 356.90 cents.
*. ENERGIES:
November crude oil closed down $0.41 at $76.11 a barrel today. Prices closed near mid-range again 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 this week's high of $77.17 and then at $77.50. First support is seen at this week's low of $75.52 and then at $75.00.
November heating oil closed up 16 points at $2.1410 today. Prices closed near mid-range again today. Bulls still have the slight near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. The bulls' next upside price objective is closing prices above solid technical resistance at the September high of $2.1787. Bears' next downside price objective is producing a close below solid technical support at $2.0888. First resistance lies at today's high of $2.1640 and then at $2.1787. First support is seen at today's low of $2.1140 and then at $2.1000.
November natural gas closed up 4.5 cents at $3.961 today. Prices closed near mid-range again today and saw tepid short covering in a bear market. The bears still have the solid overall near-term technical advantage. Prices have seen a bearish downside "breakout" from a 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 today's high of $4.01 and then at $4.10. First support is seen at Monday's contract low of $3.867 and then at $3.80.
