Gold, Crude Oil Weaker to Start the New Week

Tags: Market News
4 Feb 1:22pm
Posted by JimWyckoff
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CURRENCIES

The March U.S. dollar index is near steady in early trading today. Bears still have the near-term technical advantage. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at Friday's high of 75.73 and then at 76.00. Shorter-term support is seen at 75.27 and then at 75.00. Today's key near-term Fibonacci support/resistance level: 75.97 Wyckoff's Intra Day Market Rating: 4.0

The March Euro is firmer in early electronic trading. Bulls still have the near-term technical advantage. The Euro finds sell stop orders are likely located just below technical support at Friday's low of 1.4768 and then more stops just below support at 1.4735. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.4833 and then at 1.4900. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4721. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is lower in early dealings today, on profit-taking pressure from recent gains. For April gold, shorter-term technical resistance is seen at the overnight high of $917.40 and then at $922.50. Buy stops likely reside just below those levels. Sell stops likely reside just below support at $900.00 and then just below support at $995.00. Today's key near-term Fibonacci support/resistance level: $898.00. Wyckoff's Intra-Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are weaker early today. In March crude, look for buy stops to reside just above resistance at the overnight high of $89.39 and then just above resistance at $90.00. Look for sell stops just below technical support at $88.00, and then more sell stops just below support at $87.00. Today's key near-term Fibonacci support/resistance level: $89.08. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were higher in overnight trading. However, weaker "outside markets" gold and crude oil overnight will limit the upside in grains today, if those key markets stay weak during the day session. The bulls still have the solid near-term technical advantage, amid no strong technical clues that market tops are close at hand.

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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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