February gold futures closed up $36.00 an ounce at $1,700.10 yesterday. Prices closed near the session high yesterday, hit a fresh six-week high and scored a big and bullish "outside day" up on the daily bar chart, whereby the high was higher and low was lower than the previous session's trading range, with a higher close. The bulls gained fresh, solid upside technical momentum yesterday. The gold market rebounded from lower levels in the wake of a "dovish" FOMC statement from the Federal Reserve that sunk the U.S. dollar index and rallied crude oil prices. Gold bulls have the solid overall near-term technical advantage. A four-week-old uptrend is still in place on the daily bar chart. Bulls' next upside technical breakout objective is to produce a close above solid technical resistance at the December high of $1,767.10. Bears' next near-term downside price objective is closing prices below chart support at $1,640.00. First resistance is seen at $1,720.00 and then at $1,725.00. First support is seen at $1,685.00 and then at $1,675.00.

Wyckoff's Market Rating: 7.0.

Source: VantagePoint Intermarket Analysis Software

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March silver futures closed up $1.18 an ounce at $33.155 yesterday. Prices closed near the session high yesterday, hit a fresh six-week high and scored a bullish "outside day" up on the daily bar chart. The key "outside markets" turned bullish for silver at midday yesterday, as crude oil prices firmed and the U.S. dollar index sunk. Silver bulls have the overall near-term technical advantage and gained fresh upside momentum yesterday. A four-week-old uptrend is in place on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at the December high of $33.74 an ounce. The next downside price breakout objective for the bears is closing prices below major psychological support at $30.00. First resistance is seen at yesterday's high of $33.32 and then at $33.74. Next support is seen at $32.50 and then at $32.00.

Wyckoff's Market Rating: 6.5.

March N.Y. copper closed up 350 points 384.25 cents yesterday. Prices closed near the session high and hit a fresh four- month high yesterday. The key "outside markets" turned bullish for copper at midday yesterday, as crude oil rallied and the U.S. dollar index sunk. Copper bulls have the solid near- term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above major psychological resistance at 400.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of 359.40 cents. First resistance is seen at yesterday's high of 385.05 cents and then at 387.50 cents. First support is seen at 382.50 cents and then at 380.00 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.