Name: Jim Wyckoff 
Gold Hits Fresh 3.5-Month High Overnight
GOLD
Gold is trading solidly higher in early dealings today and hit a fresh 3.5-month high overnight. For August gold, shorter-term technical resistance is seen at $990.00 and then at $1,000.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $980.00 and then at the overnight low of $970.50. Today's key near-term Fibonacci support/resistance level: $960.00. Wyckoff's Intra-Day Market Rating: 7.5
CRUDE OIL
Crude oil prices are higher early today and hovering near the contract and all-time high. In August crude, look for buy stops to reside just above resistance at contract high of $147.27 and then just above resistance at $150.00. Look for sell stops just below technical support at the overnight low of $144.51 and then more sell stops just below support at $142.50. Today's key near-term Fibonacci support/resistance level: $142.71. Wyckoff's Intra-Day Market Rating: 7.0
GRAINS
Prices were higher in overnight trading, on short covering, bargain-hunting buying and amid bullish "outside markets" that include a record low in the U.S. dollar indexes and higher gold and crude oil prices. Weather in the Corn Belt is still being deemed benign. Corn is still near-term technically weak, but bean bulls are still strong. Wheat futures are still in a near-term bearish technical mode.
