April gold futures closed up $1.70 at $1,124.20 Wednesday. Prices closed nearer the session low. A weaker U.S. dollar index and firmer crude oil prices supported buying interest in gold Wednesday. The gold market bulls this week have kept a six-week-old uptrend from the early-February lows in place on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid technical resistance at the March high of $1,145.80. Bears' next downside price objective is closing prices below solid technical support at last week's low of $1,097.30. First resistance is seen at Wednesday's high of $1,133.90 and then at $1,140.00. Support is seen at Wednesday's low of $1,121.00 and then at $1,113.00.

Wyckoff's Market Rating: 6.5.

Source: VantagePoint Intermarket Analysis Software

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May silver futures closed up 16.9 cents at $17.523 an ounce Wednesday. Prices closed nearer the session high and closed at a fresh two-month high close. The key "outside markets" were in a bullish posture for silver again Wednesday, as crude oil prices were higher, U.S. stock indexes higher and the U.S. dollar index was weaker. Silver bulls have the overall near-term technical advantage and have gained fresh upside technical momentum this week. Prices are in a six-week old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $16.835. Bulls' next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. First resistance is seen at the March high of $17.665 and then at $17.75. Next support is seen at Wednesday's low of $17.365 and then at Tuesday's low of $17.13.

Wyckoff's Market Rating: 7.0.

May N.Y. copper closed up 530 points at 341.80 cents Wednesday. Prices closed nearer the session high again on short covering and fresh speculative buying interest. The key "outside markets" were in a bullish posture for copper again Wednesday, as crude oil prices were higher, U.S. stock indexes higher and the U.S. dollar index was weaker. The copper market bulls have the overall near-term technical advantage and have regained upside technical momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 329.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at the March high of 348.70 cents. First resistance is seen at Wednesday's high of 343.60 cents and then at 345.00 cents. First support is seen at 340.00 cents and then at Wednesday's low of 337.15 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.