Silver hit a 10-month low in early trading, but recovered a bit by close

New York (May 1)  May silver futures prices closed nearer the session high Thursday after hitting a 10-month low early on. The bears have the solid overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $19.91 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of $18.68. First resistance is seen at Thursday’s high of $19.17 and then at $19.45. Next support is seen at Thursday’s low of $18.75 and then at $18.68. Wyckoff’s Market Rating: 1.0.

May N.Y. copper closed up 50 points at 303.45 cents Thursday. Prices closed near the session high on short covering. Bulls and bears are on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 313.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at 305.00 cents and then at 308.35 cents. First support is seen at Thursday’s low of 301.25 cents and then at 300.00 cents.