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. Stock Indexes Firmer Early | Main | U.S. Stock Indexes Starting Week Lower »

Gold Hits All-Time High Overnight

GOLD

Gold is solidly higher in early dealings today, and hit a fresh all-time high overnight, at $929.70, basis April futures. For April gold, shorter-term technical support is seen at the overnight low of $913.80 and then at $900.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight all-time high of $929.70 and then just above resistance at $935.00. Today's key near-term Fibonacci support/resistance level: $902.00. Wyckoff's Intra-Day Market Rating: 9.0

CURRENCIES

The March U.S. dollar index is firmer in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at Thursday's high of 76.26 and then at 76.50. Shorter-term support is seen at Thursday's low of 75.87 and then at 75.50. Today's key near-term Fibonacci support/resistance level: 76.58 Wyckoff's Intra Day Market Rating: 4.5

The March Euro is lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4681 and then more stops just below support at 1.4650. Shorter-term technical resistance for the Euro is seen at the Thursday's high of 1.4763 and then at 1.4800. 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: 1.4704. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are higher early today. In March crude, look for buy stops to reside just above resistance at $91.00 and then just above resistance at $92.00. Look for sell stops just below technical support at $89.00, and then more sell stops just below support at $88.00. Today's key near-term Fibonacci support/resistance level: $90.88. Wyckoff's Intra-Day Market Rating: 7.0

GRAINS

Prices were solidly higher again in overnight trading, following higher "outside markets" including a record high in gold overnight. Bullish weekly high closes today would repair the recent near-term chart damage that was inflicted in the grains. Traders will closely examine this morning's weekly USDA export sales report.

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