Crude Oil, Gold Lower Early

CURRENCIES

The December U.S. dollar index is higher in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the September high of 85.82 and then at 86.00. Shorter-term support is seen at 85.50 and then at Thursday’s low of 85.25. Wyckoff’s Intra Day Market Rating: 7.0

The December Euro is lower in early trading. The Euro today finds heavier sell stop orders are likely located just below solid technical support at the September low of 1.2695 and then more sell stops just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2767 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff’s Intra Day Market Rating: 4.0

METALS

Gold is trading lower in early morning dealings, following weaker crude. In December gold, shorter-term technical support is seen at the overnight low of $604.50 and then at $600.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $610.00 and then more buy stops just above shorter-term resistance at Thursday’s high of $612.40. Wyckoff’s Intra-Day Market Rating: 4.0

ENERGIES

Crude oil prices are lower in early electronic dealings. In November crude, look for buy stops to reside just above resistance at the overnight high of $62.78 and then just above resistance at $63.00. Look for sell stops just below technical support at $62.00, and then more sell stops just below support at $61.50. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

Prices were mostly higher in overnight electronic trading, on follow-through buying from solid gains Thursday. Traders are awaiting this morning’s USDA quarterly grain stocks report. Bulls now have near-term technical momentum in the grains, as it appears the funds have taken an interest on the long side of these markets again. A weekly high close in the grains today would be significantly bullish to suggest harvest lows are in place.