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.

Post Calendar
August 2008
Sun Mon Tue Wed Thu Fri Sat
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31


Site Sponsor

Categories
 

Archives

Advertising

Interested in advertising on TraderBlog.com? Click here for more information.

Policies & Terms

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 Holding Solid Gains Early | Main | Crude Oil Gains on Pipeline Fire in U.S. »

Gold Trading Lower in Early Dealings

GOLD

Gold is trading solidly lower in early dealings today. Bulls are fading. For December gold, shorter-term technical support is seen at the overnight low of $791.00 and then at $785.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $805.00 and then just above resistance at $810.00. Today's key near-term Fibonacci support/resistance level: $798.00. Wyckoff's Intra-Day Market Rating: 3.0

CURRENCIES

The December U.S. dollar index is solidly higher in early trading today. Bulls are stronger today than they've been in weeks. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at 76.00 and then at 75.23. Shorter-term support is seen at 75.33 and then at the overnight low of 75.12. Today's key near-term Fibonacci support/resistance level: 75.97 Wyckoff's Intra Day Market Rating: 5.5

The December Euro is solidly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4719 and then more stops just below support at 1.4650. Shorter-term technical resistance for the Euro is seen at 1.4800 and then at the overnight high of 1.4847. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4697. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are near steady in early electronic dealings. In January crude, look for buy stops to reside just above resistance at $95.00 and then just above resistance at $96.00. Look for sell stops just below technical support at the overnight low of $93.72, and then more sell stops just below support at $93.00. Today's key near-term Fibonacci support/resistance level: $93.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were lower in overnight trading. Solid losses in gold and a stronger U.S. dollar pressured the grains. The "outside markets" gold, crude oil and the dollar are still the main drivers in the grain markets. Soybeans are still the most bullish from a technical perspective at present. Corn bulls still have the near-term technical advantage. In wheat, the bulls have regained solid near-term technical momentum recently.

TrackBack

TrackBack URL for this entry:
http://www.traderblog.com/cgi-bin/mt-tb.cgi/730

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Copyright © 2007 TradingEducation.com, LLC. All rights reserved


tcad.gif

Search Blog
Syndicate TraderBlog
Advertisers