About Me

Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors

I am a Senior Market Analyst for www.TradingEducation.com a FREE educational website. I have been involved with the stock, financial and futures markets for more than 20 years. I became a financial journalist with Futures World News for many years, where I covered every futures market traded in the United States at one time or another. Not long after I began my career in financial journalism, I began studying technical analysis. My extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several reputable companies.

You can also read additional FREE daily commentary at www.TradingEducation.com.

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The mission of my morning web log, or "blog" is to provide you with the very latest perspective and opinion on selected key markets. I will help you start your trading day by providing you with concise and valuable trading "nuggets" to help you in your daily trading plans.



« U.S. Dollar Bears Gaining Technical Momentum | Main | U.S. Stock Indexes Weaker Early; Bulls Still Confident »

Gold Trading Firmer in Early Dealings

GOLD

Gold is trading higher in early dealings today. For December gold, shorter-term technical support is seen at the overnight low of $666.70 and then at $664.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $672.50 and then at this week's high of $674.50. Today's key near-term Fibonacci support/resistance level: $676.20. Wyckoff's Intra-Day Market Rating: 6.0

CURRENCIES

The September U.S. dollar index is lower again in early morning trading today. Bears have fresh momentum. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at 81.00 and then at the overnight high of 81.11. Shorter-term support is seen at the overnight low of 80.80 and then at 80.60. Today's key near-term Fibonacci support/resistance level: 80.66. Wyckoff's Intra Day Market Rating: 3.0

The September Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.3600 and then more stops just below support at the overnight low of 1.3563. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3639 and then at 1.3650. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.3683. Wyckoff's Intra Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are near steady in early electronic dealings. In October crude, look for buy stops to reside just above resistance at $70.50 and then just above resistance at $71.00. Look for sell stops just below technical support at the overnight low of $69.52, and then more sell stops just below support at $69.00. Today's key near-term Fibonacci support/resistance level: $70.07. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mixed overnight in quieter trading, which suggests a quieter trading day in the grains on Friday. Still more heavy rains and flooding continue in the northern and eastern Corn Belt, which are being deemed bullish for corn and soybeans. Wheat bulls continue to savor strong export demand for U.S. wheat. The corn and bean bulls are also hoping traders start to focus on strong worldwide demand.

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