Wheaton Precious Metals Corp (WPM)

[JohnCM]

Technically, December gold futures prices closed nearer the session low and hit a 4.5-year low today. The gold bears have the strong near-term technical advantage. However, this market is well overdone on the downside, on a short-term technical basis. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,160.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at $1,150.00 and then at $1,155.00. First support is seen at today’s low of $1,137.10 and then at $1,130.00.

December silver futures prices closed nearer the session low and hit a contract and four-year low today. The silver bears have the strong overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $16.22 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at $15.635 and then at $16.00. Next support is seen at today’s contract low of $15.12 and then at $15.00.