The September U.S. dollar index is near steady in quiet early morning dealings. Slow stochastics are turning bullish today. The dollar index finds shorter-term technical resistance at the overnight high of 85.32, and then at last week’s high of 85.42. Shorter-term support is seen at 85.00 and then at 84.66–Monday’s low. The September Euro is slightly higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2764 and then more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2813 and then at 1.2850. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bearish.
The precious metals are trading solidly higher in early morning dealings. In August gold, shorter-term technical support is seen at Monday’s low of $621.90. Sell stops likely reside just below that level, and then just below support at $618.00. Buy stops likely reside just above resistance at Monday’s high of $634.00 and then heavier buy stops just above resistance at last week’s high of $639.50.
Prices are trading modestly higher in early electronic dealings. Technical odds have increased recently that a near-term top is in place. In August crude, look for buy stops to reside just above resistance at $74.00 and then at just above resistance at $74.50. Look for sell stops just below shorter-term support at the overnight low of $73.34, and then just below support at $73.00. Trading may be quieter today, ahead of Wednesday’s DOE stocks data.
Prices were solidly higher in overnight electronic trading. Weather forecasters are saying a blocking high-pressure ridge is likely to set up over the western Corn Belt later this week and into next week, and that’s bullish. Grain traders will continue to watch the “outside markets.” Higher gold and crude oil prices today will temper any selling interest in the grains today.