METALS:
December gold futures closed up $5.90 at $1,346.20 today. Prices today closed near mid-range and hit another fresh contract and all-time record high. A weaker U.S. dollar index and strong investor demand continue to boost the gold market bulls. While gold bulls still have the solid overall near-term technical advantage and there are still no significant early technical clues that a market top is close at hand, the market is now a bit over-extended on a near-term basis and due for a corrective pullback soon. Prices are still in a nine-week-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,375.00. Bears' next near-term downside price objective is closing prices below solid technical support at this week's low of $1,313.30. First resistance is seen at today's all-time high of $1,351.00 and then at $1,360.00. Support is seen at today's low of $1,340.00 and then at $1,330.00.
December silver futures closed up 32.3 cents at $23.06 an ounce today. Prices closed near the session high today and hit another fresh 30-year high. The key "outside markets" were in a mostly bullish posture for silver today as the U.S. dollar index was lower and crude oil prices were higher. Silver bulls still have the solid near-term technical advantage. While there are still no early clues that a market top is close at hand, the market is overdone on the upside on a short-term technical basis and due for a corrective pullback soon. Prices are in a steep six-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $21.81. Bulls' next upside price objective is producing a close above psychological resistance at $24.00 an ounce. First resistance is seen at today's high of $23.09 and then at $23.25. Next support is seen at today's low of $22.76 and then at $22.50.
December N.Y. copper closed up 280 points at 375.45 cents today. Prices closed near mid-range today and hit another fresh two-plus year high. The key "outside markets" were in a mostly bullish posture for copper today as the U.S. dollar index was lower and crude oil prices were higher. 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 385.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at today's high of 378.95 cents and then at 380.00 cents. First support is seen at today's low of 372.30 cents and then at 370.00 cents.
*. ENERGIES:
November crude oil closed up $0.41 at $83.23 a barrel today. Prices closed near mid-range today and hit a fresh nearly five-month high. Bulls have the solid near-term technical advantage in crude. Prices are in an accelerating six-week-old uptrend on the daily bar chart. The next near-term upside price objective for the bulls is producing a close above solid technical resistance at $86.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at the September high of $78.86. First resistance is seen at today's high of $84.09 and then at $84.50. First support is seen at $82.50 and then at $82.00.
November natural gas closed down 6.8 cents at $3.729 today. Prices closed near mid-range today and hit a fresh contract low. The bears have the solid overall near-term technical advantage and have gained more downside power recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.00. The next downside price objective for the bears is closing prices below solid technical support at $3.50. First resistance is seen at today's high of $3.788 and then at $3.90. First support is seen at today's contract low of $3.686 and then at $3.60.
