Gold Firmer in Early Dealings Wednesday

Tags: Market News
24 Sep 1:03pm
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GOLD

Gold is higher in early dealings today. For December gold, shorter-term technical resistance is seen at $900.00 and then at $910.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $890.00 and then at the overnight low of $880.40. Today's key near-term Fibonacci support/resistance level: $879.00. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are higher early today. In November crude, look for buy stops to reside just above resistance at this week's high of $110.45 and then just above resistance at 111.00. Look for sell stops just below technical support at $108.00 and then more sell stops just below support at the overnight low of $106.65. Today's key near-term Fibonacci support/resistance level: $110.10. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were higher in overnight trading, amid higher crude oil prices overnight. Grain traders will continue to focus on the outside markets for the near term, which do at present favor the grain bulls. Seasonal harvest pressures for corn and soybeans are a bearish underlying fundamental factor for which traders at present are not paying attention.

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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.