Today’s Outlook

METALS: December gold futures closed the day session down $6.00 at 
$1,274.60. However, in afternoon after- hours trading the market 
rebounded and scored a fresh all-time high of $1,290.40 in the wake of a 
bullish FOMC statement from the Federal Reserve that sunk the U.S. 
dollar and suggested more quantitative easing from the Fed is coming. 
Prices earlier saw profit-taking pressure and position evening in front 
of Tuesday afternoon's much-anticipated FOMC meeting statement from the 
Federal Reserve. Gold bulls have the solid overall near-term technical 
advantage. There are still no early technical clues to suggest a market 
top is close at hand. The fact that volatility in the gold market has 
not increased significantly with prices now in uncharted territory is 
another bullish clue and suggests the modest uptrend in prices can 
continue. Prices are in a seven-
week-old uptrend on the daily bar chart. Bulls' next near-term upside 
technical objective is to produce a close above psychological resistance 
at $1,300.00. Bears' next near-term downside price objective is closing 
prices below solid technical support at $1,250.00. First resistance is 
seen at $1,290.40 and then at $1,300.00. Support is seen at $1,280.00 
and then at today's low of $1,272.00.

December silver futures closed the day session down 19.8 cents at 
$20.605 an ounce, but then rebounded in afternoon trading as the U.S. 
dollar sunk and gold rallied. Silver bulls still have the solid 
near-term technical advantage. Prices are still in a steep four- 
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 $20.00. Bulls' next upside price objective is 
producing a close above solid technical resistance at $22.50 an ounce. 
First resistance is seen at last week's high of $21.025 and then at 
$21.25. Next support is seen at $20.62 and then at today's low of $20.515.

December N.Y. copper closed down 195 points at 348.50 cents today. 
Prices closed nearer the session low on profit-taking pressure. The U.S. 
dollar index was weaker today, which did limit the downside in copper 
again today. The copper bulls still have the overall near-term technical 
advantage. 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 339.30 cents. First resistance is seen at 
350.00 cents and then at today's high of 352.80 cents. First support is 
seen at today's low of 347.25 cents and then at 345.00 cents. .

*. ENERGIES: November crude oil closed down $1.10 at $75.09 a barrel 
today. Prices closed nearer the session low 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 last week's 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 the August low of $71.49. First 
resistance is seen at $75.50 and then at today's high of $76.37. First 
support is seen at $74.50 and then at $74.00.

November natural gas closed up 7.1 cents at $4.076 today. Prices closed 
near mid-range today. The bears still have the overall near-term 
technical advantage. The next upside price objective for the bulls is 
closing prices above solid technical resistance at last week's high of 
$4.298. The next downside price objective for the bears is closing 
prices below solid technical support at the contract low of $3.971. 
First resistance is seen at this week's high of $4.169 and then at 
$4.298. First support is seen at $4.00 and then at $3.971.