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 Lower to Start the Trading Day | Main | U.S. Dollar Continues to Slump in Early Trading »

Gold Slightly Lower in Early Dealings

GOLD

Gold is modestly lower in early dealings today. For April gold, shorter-term technical resistance is seen at the overnight high of $942.50 and then at the $945.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $928.90 and then just below support at $925.00. Today's key near-term Fibonacci support/resistance level: $932.00. Wyckoff's Intra-Day Market Rating: 5.0

CURRENCIES

The June U.S. dollar index is solidly lower in early trading today. Bears still have the near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 75.75 and then at Monday's high of 75.85. Shorter-term support is seen at 75.50 and then at the February low of 75.25. Today's key near-term Fibonacci support/resistance level: 76.06. Wyckoff's Intra Day Market Rating: 3.0

The June Euro is higher in early electronic trading, and hit a fresh four-week high overnight. Euro finds sell stop orders are likely located just below technical support at 1.4800 and then more stops just below support at 1.4750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.47832 and then at the February high of 1.4865. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.4711 Wyckoff's Intra Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are near steady early today. In April crude, look for buy stops to reside just above resistance at the overnight high of $99.45 and then just above resistance at $100.00. Look for sell stops just below technical support at the overnight low of $98.59, and then more sell stops just below support at $98.00. Today's key near-term Fibonacci support/resistance level: $96.91. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were mixed in overnight trading. Corn and soybeans were sharply lower and wheat was sharply higher. New all-time highs were hit in wheat overnight. This recent higher volatility is symptomatic of very mature bull markets, but there are still, as of yet, no real strong clues of market tops being in place.

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