AM Outlook: $ES_F $GC_F $EURUSD

12 02 2010

It appears that we will be opening with a gap down into the 1067-1070 area.  I expect another volatile day with the continued uncertainty surrounding the debt situation.  I will be ready for strong movement either direction depending on how the news effects the markets.

The 1050 and 1056 levels are possible to the downside.  On the upside, the gap-fill 1096.50 is the most obvious magnet.  Barring a strong move to either extreme, I expect action to remain in the 1060-1075 range.

Gold continues to consolidate in the 1,075-1,100 range.  I’m looking for a move above 1,100 and expecting it to fizzle somewhere below 1,111 for a potential swing short entry.

The Euro will likely be the currency in play again today.  The range between 1.3550 and 1.3750 should remain intact.  I am anticipating a close around 1.3650.

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