Name: Jim Wyckoff 
Gold Prices Weaker Overnight
PRECIOUS METALS
August gold was slightly lower overnight due to profit taking as it
consolidates some of this week's rally. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If August extends the rally off June's low,
April's high crossing at 959.50 is the next upside target. Closes below the
20-day moving average crossing at 902.10 would confirm that a short-term top
has been posted. First resistance is Tuesday's high crossing at 948.30.
Second resistance is April's high crossing at 959.50. First support is the
10-day moving average crossing at 917.50. Second support is the 20-day
moving average crossing at 902.10.
September silver was slightly lower overnight due to light profit taking as
it consolidates some of this week's rally. Stochastics and the RSI are
overbought but remain bullish signaling that sideways to higher prices are
possible near-term. If September extends this week's rally, April's high
crossing at 18.845 is the next upside target. From a broad perspective,
September silver needs to close above 18.845 or below 16.190 to confirm a
breakout of this years trading range and point the direction of the next
trending move. First resistance is the overnight high crossing at 18.545.
Second resistance is April's high crossing at 18.845. First support is the
10-day moving average crossing at 17.534. Second support is the 20-day
moving average crossing at 17.333.
GRAINS
December corn was lower overnight due to profit taking as it consolidates
some of Wednesday's rally but remains above the 10-day moving average
crossing at 7.66 1/4. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. Closes below Tuesday's low
crossing at 7.35 3/4 are needed to confirm that a short-term top has been
posted. If December renews this year's rally into uncharted territory,
upside targets will be hard to project. First resistance is the overnight
high crossing at 7.83. Second resistance is last Friday's high crossing at
7.96. First support is the 10-day moving average crossing at 7.66 1/4.
Second support is the 20-day moving average crossing at 7.52 1/2.
December wheat was lower overnight as it consolidates below the 20-day
moving average crossing at 9.06. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If December
extends this week's decline, the reaction low crossing at 8.27 1/2 is the
next downside target. Closes above the 10-day moving average crossing at
9.14 1/2 would temper the near-term bearish outlook in the market.
SOYBEAN COMPLEX
November soybeans were lower due to profit taking overnight as it
consolidates some of this week's rally ahead of the July 4th weekend.
Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If November
extends this week's rally into uncharted territory, upside targets will be
hard to project. Closes below the 20-day moving average crossing at 15.29
3/4 are needed to confirm that a short-term top has been posted.
December soybean meal was lower overnight due to profit taking as it
consolidates some of this week's rally but not before posting a new contract
high. The low-range close set the stage for a steady to lower opening when
the day session begins later this morning. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends this year's rally,
monthly resistance crossing at 432.00 is the next upside target. Closes
below the 20-day moving average crossing at 392.80 would confirm that a
short-term top has been posted.
December soybean oil was lower overnight due to light profit taking as it
consolidates some of this week's rally. Stochastics and the RSI remain
bullish signaling that sideways to higher prices are possible near-term. If
December extends this week's rally, the previous reaction high crossing at
70.31 is the next upside target. Closes below last Wednesday's low crossing
at 63.45 would confirm that a short-term top has been posted.
