Gold, Crude Solidly Higher in Early Trading

Tags: Market News
6 Nov 1:08pm
Posted by JimWyckoff
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CURRENCIES

The December U.S. dollar index is solidly lower in early trading today, and hit a fresh contract and all-time low overnight. Bears still have downside technical momentum. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 76.42 and then at 76.83. Shorter-term support is seen at the overnight contract low of 76.03 and then at 75.75. Today's key near-term Fibonacci support/resistance level: 76.85 Wyckoff's Intra Day Market Rating: 2.0

The December Euro is solidly higher in early electronic trading and hit a new contract and all-time high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4477 and then more stops just below support at Monday's low of 1.4437. Shorter-term technical resistance for the Euro is seen at overnight the contract high of 1.4565 and then at 1.4600. 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: 1.4405. Wyckoff's Intra Day Market Rating: 8.0


GOLD

Gold is trading solidly higher in early dealings today, and hit a fresh 27-year high overnight, basis nearby futures. Bulls are still near-term technically very strong. For December gold, shorter-term technical support is seen at $820.00 and then at Monday's high of $814.20. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $824.00 and then just above resistance at $830.00. Today's key near-term Fibonacci support/resistance level: $807.50. Wyckoff's Intra-Day Market Rating: 9.0

CRUDE OIL

Crude oil prices are solidly higher in early electronic dealings, and right back near the contract and all-time high. In December crude, look for buy stops to reside just above resistance at the contract high of $96.24 and then just above resistance at $97.00. Look for sell stops just below technical support at the overnight low of $94.41, and then more sell stops just below support at $94.00. Today's key near-term Fibonacci support/resistance level: $93.47. Wyckoff's Intra-Day Market Rating: 8.0

GRAINS

Prices were solidly higher in overnight trading, amid solidly higher "outside markets" overnight. Traders are still keenly focusing on the outside markets. Corn bulls have gained some fresh technical momentum recently. Soybeans bulls still have the near-term technical advantage, too. Traders are gearing up for Friday morning's USDA supply and demand report.

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About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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