Foreign markets have seen on Monday on the US dollar index higher and recorded the highest level in seven months. USDX and is still in a bullish price in the near term and the direction of the bulls has a technical advantage constant. Meanwhile, Nymex crude oil prices were low and the lowest level during the night for three months. Oil is trading above $ 40.00 a barrel, bears a strong control technology.
There is no doubt that the precious metals Bears are in a very comfortable position at the moment. Seasoned traders and market observers know that when the positions on the markets have become extreme, and this is the point at which the vast majority of price movement is heading a major has already happened. Neither he nor anyone else can predict the future and say gold is at or near the bottom. However, I am confident that with the trader psychology for gold and silver markets and commodity sector crude in the public being so very negative, that the market will be surprised when the above-mentioned markets do not end bearish trends and price will be sooner than would be the most figured ever.
Low copper prices hit a six-year last Monday, the lowest exciting idea to worry about the grip of deflation in prices in the world's major economies to remain tight. Copper is a major construction entrance. It can be extrapolated reduced demand for copper to mean the construction generally weaker levels that occur all over the world.
Trading activity in the US markets is likely to shrink quickly with the progress of the week, due to the Thanksgiving holiday on Thursday.
Technically, gold futures for February prices today closed nearer the session low and hovering near contract last week, its lowest level in 5.5. Gold bears have the solid overall technical advantage in the near term. Not open the door to challenge the major psychological resistance at $ 1,000.00 in the coming weeks. Gold prices are in a downtrend since the sharp five weeks on the daily chart bar. Next upward trend in the near term price target to penetrate the bulls "is to produce a close above strong technical resistance at the highest level on Friday at $ 1,087.30. Bears near-term downside price breakout objective next push prices below solid long-term technical support 1 , 050.00. The first resistance is seen at today's high level of $ 1,076.30 and then at $ 1,080.00. The first support at the lowest level of the day of $ 1,065.40 and then at $ 1,062.40 minimum contract. Wyckoff's Market Rating: 1.0
Futures prices closed near the march for silver mid-range and hit another low for six years today. Silver market bears have the solid overall technical advantage in the near term. Prices in a downward trend of sharp-old four weeks on the daily chart bar. Next upside breakout objective Silver bulls' closing prices above solid technical resistance at $ 14.50 an ounce. Next price target to penetrate the downside for the bears closing prices below strong support at $ 13.50. And to the First resistance is seen at today's high level of $ 14.185 and then at last week's high of $ 14.44. Next support is at its lowest held today of $ 13.89 and then at $ 13.75. Wyckoff's Market: 1.0 evaluation.
NY copper closed march down 410 points at 201.85 cents today. Nearest low prices closed session and hit another contract low for six years today. The "main foreign markets bearish for copper today as the US dollar fell more assertive and were crude oil prices weaker. Bears Copper has a solid overall technical advantage in the near term. Price in a downtrend since five weeks on the daily chart bar. The next target outbreak bullish bulls copper "pay and closing prices above solid technical resistance at 220.00 cents level. Penetrate the target price for the bears next downside narrowed prices below solid technical support at 200.00 cents. And to the First resistance is seen at 205.00 cents and then at 207.50 cents. Initial support is at today's contract low 200.35 cents and then at 200.00 cents. Wyckoff's Market: 1.0 evaluation.