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 Sharply Lower Early | Main | U.S. Dollar Continues to Slump »

Gold Sharply Higher in Early Dealings

GOLD

Gold is solidly higher in early dealings today,
amid a sharply lower U.S. dollar. For June gold,
shorter-term technical support is seen at $925.00
and then at the overnight low of $916.40. Sell
stops likely reside just below those levels. Buy
stops likely reside just above resistance at the
overnight high of $941.00 and then just above
resistance at $950.00. Today's key near-term
Fibonacci support/resistance level: $958.70.
Wyckoff's Intra-Day Market Rating: 7.0

CURRENCIES

The June U.S. dollar index is sharply lower in
early trading today. Bears have quickly regained
downside technical momentum today. Slow stochastics
for the dollar index are neutral early today. The
dollar index finds shorter-term technical
resistance at 73.00 and then at the overnight high
of 73.38. Shorter-term support is seen at 72.50 and
then at 72.25. Today's key near-term Fibonacci
support/resistance level: 73.56 Wyckoff's Intra Day
Market Rating: 3.0

The June Euro is sharply higher in early electronic
trading. The Euro finds sell stop orders are likely
located just below technical support at 1.5450 and
then more stops just below support at 1.5400.
Shorter-term technical resistance for the Euro is
seen at 1.5550 and then at 1.5600. 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:
1.5271. Wyckoff's Intra Day Market Rating: 8.0

CRUDE OIL

Crude oil prices are firmer early today. In May
crude, look for buy stops to reside just above
resistance at $102.00 and then just above
resistance at $102.50. Look for sell stops just
below technical support at $100.00, and then more
sell stops just below support at $99.00. Today's
key near-term Fibonacci support/resistance level:
$103.16. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were solidly higher again in overnight
trading, on follow-through strength from strong
gains seen on Monday. Sharply higher closes near
the session highs today would likely give the grain
bulls some fresh upside near-term technical
momentum.

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