Welcome to the video update for Thursday, Sept 10. Trader Rick reviews the gold daily chart and the fib extensions that were discussed in last weekend’s video update. If price pulls back look for support in the 970 area with initial support just below 987. Price is coming out of a triangle and that can mean two things. Do you know?
In the t bond futures, Trader Rick updates the trading range on the 60 minute chart. See what price did after it broke out of the trading range identified in last weekend’s update.
The weekly euro chart is the next chart and you will see price is moving closer to the D target of the large ab=cd pattern Trader Rick has been watching for many weeks. Watch for the currencies to roll to the December contract.
Thursday is roll day in the stock indexes so be sure to move to the December contract. Trading in the morning can be tricky on roll day so be careful. Monitor trading volume to determine when to roll to the December contract. The close on Wednesday provided the highest closing basis in the ES for 2009.
Good trading!
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