Welcome to the video update for Thursday, May the 13th. Let’s begin with the weekly gold chart where price is making new highs. A possible important target was hit in Wednesday’s trading. What is the 60 minute chart telling us?
How did the Greece bailout that was announced on Monday affect the euro/dollar chart? Take a look at the daily chart. Price has given up all the gains made in initial trading on Monday morning.
Trader Rick looks at the crude daily and 60 minute charts where he is watching two scenarios. One is an abc correction and the other is what to look for when price is trading outside the lower keltner channel.
If you are an ER trader take a look at the daily chart. Price is now in the sell zone. The ES daily chart doesn’t look as strong as the ER daily chart. Price is approaching overhead resistance in the 1173 to 1177 area. The 203 minute chart shows price in the sell zone but keep in mind we are in a trading range between 1140 and 1177.
Good Trading!
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