December gold futures closed down $1.30 at $1,258.00 yesterday. Prices closed nearer the session low on some profit-taking pressure. Early prices did hit a fresh 10-week high. Bulls still have upside near-term technical momentum and have the solid technical advantage. Prices are also in a six-week-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at the all-time high of $1,270.60, scored in June. Bears' next near-term downside price objective is closing prices below solid technical support at last week's low of $1,233.50. First resistance is seen at yesterday's high of $1,264.70 and then at $1,270.60. Support is seen at yesterday's low of $1,254.60 and then at $1,250.00.

Wyckoff's Market Rating: 8.0.

Source: VantagePoint Intermarket Analysis Software

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December silver futures closed up 8.6 cents at $20.00 an ounce yesterday. Prices closed near mid-range yesterday and hit another fresh two-year high. The key "outside markets" were in a bullish posture for silver yesterday, as the U.S. dollar index was weaker, while crude oil and U.S. stock index prices were firmer. Silver bulls have the solid near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $18.86. Bulls' next upside price objective is producing a close above solid technical resistance at $21.00 an ounce. First resistance is seen at yesterday's high of $20.18 and then at $20.25. Next support is seen at yesterday's low of $19.82 and then at this week's low of $19.585.

Wyckoff's Market Rating: 8.0.

December N.Y. copper closed up 235 points at 349.40 cents yesterday. Prices closed nearer the session high yesterday. The key "outside markets" were in a bullish posture for copper yesterday, as the U.S. dollar index was weaker, while crude oil and U.S. stock index prices were firmer. The bulls have the near-term technical advantage. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 360.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 330.00 cents. First resistance is seen at yesterday's high of 351.50 cents and then at this week's high of 353.45 cents. First support is seen at 347.50 cents and then at yesterday's low of 345.10 cents.

Wyckoff's Market Rating: 7.0. 

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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.