Metals Market Commentary from Jim Wyckoff

PRECIOUS METALS

October gold was higher overnight as it extends the rally off July's low.
Stochastics and the RSI are overbought, diverging but are neutral to
bullish
hinting that additional strength is possible near-term. If October extends
the rally off July's low, the 87% retracement level of the June-July
decline
crossing at 1253.30 is the next upside target. Closes below the 20-day
moving average crossing at 1213.10 would confirm that a short-term top has
been posted. First resistance is the overnight high crossing at 1244.50.
Second resistance is the 87% retracement level of the June-July decline
crossing at 1253.30. First support is the 10-day moving average crossing
at
1230.20. Second support is the 20-day moving average crossing at 1213.10.

September silver was higher overnight as it extends this week's rally.
Stochastics and the RSI are bullish signaling that sideways to higher
prices
are possible near-term. If September extends this week's rally, June's
high
crossing at 19.500 is the next upside target. From a broad perspective,
September remains locked in this summer's trading range. Closes above
19.865
or below 17.150 are needed to confirm a breakout of this summer's trading
range and point the direction of the next trending move. First resistance
is
the overnight high crossing at 19.105. Second resistance is June's high
crossing at 19.500. First support is the 20-day moving average crossing at
18.331. Second support is Tuesday's low crossing at 17.735.

September copper was higher due to short covering overnight as it
consolidates some of the decline off this month's high. Stochastics and
the
RSI remain bearish signaling that sideways to lower prices are possible
near-term. If September extends this month's decline, the 38% retracement
level of the June-August rally crossing at 315.51 is the next downside
target. Closes above the 20-day moving average crossing at 330.99 would
confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 328.33. Second resistance is the 20-day
moving average crossing at 330.99. First support is Wednesday's low
crossing
at 317.75. Second support is the 38% retracement level of the June-August
rally crossing at 315.51.