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U.S. Dollar, Gold Firmer in Early Trading
CURRENCIES
The September U.S. dollar index is slightly higher in early morning electronic dealings. Dollar index bulls still have some near-term technical momentum. However, slow stochastics still show the DX as short-term overbought. The dollar index finds shorter-term technical resistance at Monday's high of 86.51, and then at last week's high of 86.68. Shorter-term support is seen at the overnight low of 85.90. The September Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2600 and then more sell stops just below support at the overnight low of 1.2575. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2689 and then at 1.2700. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics do show the Euro as being short-term oversold today, and due for a corrective bounce.
METALS
The metals are trading mixed in early morning dealings. Gold is higher and silver and copper are weaker. In August gold, prices would have to push and close back above solid resistance at $600.00 to give the bulls fresh upside technical momentum. Key shorter-term technical support for August gold today is $585.00. Sell stops likely reside just below that level, and then just below support at $580.00. Buy stops likely reside just above resistance at the overnight high of $593.90 and then just above shorter-term resistance at $598.40--last week's high.
ENERGIES
Prices are trading moderately higher in early electronic dealings. Prices pushed to another fresh two-week high overnight. In August crude, look for buy stops to reside just above resistance at the overnight high of $72.49 and then at just above resistance at $73.00. Look for sell stops just below shorter-term support at the overnight low of $71.60, and then just below solid support at $71.00. I look for more trading within the recent well-defined range- -bound by key near-term support at last week's low of $68.65 in August crude and solid resistance at $73.00. But a drop below the aforementioned trading range--including multiple closes below it--would then likely mean a trading range in crude oil prices between $65.00 and $70.00.
GRAINS
Prices were mostly firmer in overnight electronic trading, on a corrective bounce from strong losses Monday. Non- threatening weather in the Corn Belt at present, with no threatening weather in the long-range forecasts, will keep buyers tentative for at least the near term. Trading this week will be more subdued ahead of Friday's all-important USDA updated acreage reports. Look for a very active trading day on Friday.
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