Gold Under Pressure in Early Dealings

Tags: Market News
12 May 1:09pm
Posted by JimWyckoff
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GOLD

Gold is weaker in early dealings today. For June gold, shorter-term technical resistance is seen at the overnight and last week's high of $890.80 and then at $895.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $878.60 and then at $871.00. Today's key near-term Fibonacci support/resistance level: $873.60. Wyckoff's Intra-Day Market Rating: 5.0

CURRENCIES

The June U.S. dollar index is firmer in early trading today. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 73.71 and then at last week's high of 74.06. Shorter-term support is seen at the overnight low of 73.18 and then at 73.00. Today's key near-term Fibonacci support/resistance level: 73.53. Wyckoff's Intra Day Market Rating: 5.5

The June Euro is weaker in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5340 and then just below support at 1.5300. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5459 and then at 1.5500. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.5375. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are lower early today. Look for buy stops to reside just above resistance at the contract high of $126.27 and then just above resistance at $127.00. Look for sell stops just below technical support at $124.00, and then more sell stops just below support at $123.00. Today's key near-term Fibonacci support/resistance level: $123.43. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were mostly higher in overnight trading. Corn and soybeans were higher and wheat was near steady. Early today the key "outside markets" are in a bearish posture for grains. Crude oil and gold are lower and the value of the U.S. dollar against the other major currencies is higher. Grain traders are still watching weather forecasts in the U.S. Corn Belt, which are still bullish for corn.

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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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