December gold futures closed up $3.00 at $1,164.80 yesterday. Prices closed near mid-range yesterday in quiet, consolidating trading following Tuesday's big sell off. Prices yesterday did poke to another fresh three-month low. Serious near-term technical damage was inflicted Tuesday. Prices are in a six-week-old downtrend on the daily bar chart. However, there has been no significant longer-term technical damage seen on the weekly or monthly charts for gold futures. Bears' next near-term downside price objective is closing prices below solid technical support at $1,150.00. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at $1,200.00. First resistance is seen at yesterday's high of $1,168.80 and then at $1,172.00. Support is seen at yesterday's low of $1,159.30 and then at $1,155.00.

Wyckoff's Market Rating: 4.5.

Source: VantagePoint Intermarket Analysis Software

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December silver futures closed down 9.7 cents at $17.585 an ounce yesterday. Prices closed near mid-range yesterday and did hit a fresh seven-week low. Bulls have faded and the bears now have the slight near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at the June low of $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of  $18.335 an ounce. First resistance is seen at yesterday's high of $17.775 and then at $18.00. Next support is seen at yesterday's low of $17.40 and then at $17.335.

Wyckoff's Market Rating: 4.5.

December N.Y. copper closed up 445 points at 327.15 cents yesterday. Prices closed nearer the session high yesterday and hit a fresh 11-week high. Copper bulls have the overall near-term technical advantage and gained some fresh upside technical momentum yesterday. Prices are in a seven-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices
below solid technical support at 314.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 340.00 cents. First resistance is seen at yesterday's high of 328.50 cents and then at 330.00 cents. First support is seen at 325.00 cents and then at 322.50 cents.

Wyckoff's Market Rating: 6.0.

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.