Gold Under Pressure Early Today

Tags: Market News
29 Apr 1:11pm
Posted by JimWyckoff
0 Comments
Read original blog entry

GOLD

Gold is lower in early dealings today. Bears still have some downside technical momentum on their side. For June gold, shorter-term technical resistance is seen at the overnight high of $890.00 and then at the overnight high of $895.80. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $884.20 and then just below support at last week's low of $880.00. Today's key near-term Fibonacci support/resistance level: $910.00. Wyckoff's Intra-Day Market Rating: 4.0

CURRENCIES

The June U.S. dollar index is higher in early trading today. Bulls still have some upside technical momentum on their side. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at last week's high of 73.25 and then at 73.50. Shorter-term support is seen at the overnight low of 72.71 and then at 72.50. Today's key near-term Fibonacci support/resistance level: 73.48. Wyckoff's Intra Day Market Rating: 6.0

The June Euro is lower in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5509 and then more stops just below support at 1.5450. Shorter-term technical resistance for the Euro is seen at 1.5600 and then at the overnight high of 1.5630. 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: 1.5356. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are lower early today. In June crude, look for buy stops to reside just above resistance at $118.00 and then just above resistance at the overnight high of $118.84. Look for sell stops just below technical support at $117.00, and then more sell stops just below support at $116.00. Today's key near-term Fibonacci support/resistance level: $117.04. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were higher in overnight trading. However, the key "outside markets" early today are in a bearish posture for the grains. Gold and crude oil are lower and the U.S. dollar is higher. That will limit the upside in the grains today. Grain traders are still watching weather in the U.S. Corn Belt. The wet conditions in the Corn Belt are very bullish for corn and modestly bearish for soybeans.

Comments

Back to top

Post comment

Back to top

Post a comment

Please login to post a comment

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.

Recent Entries