METALS
COMEX Gold (February ‘13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 11/28/12 @ 1729.90. Confirmation of a top with a close violation on 11/28/12 @ 1718.80. Downside Target = 1707.20 – 1694.70
- February Gold was unable to close above Wednesday’s high as last night’s report projected but it did find plenty of support below $1,690 and rallied to close back above $1,700 just off the session’s highs.
- If gold can sustain this kind of bullish price action heading into next week, the upside target of $1,743 listed in Wednesday evening’s report should trade within the next 4 sessions as gold confirms a ST trend reversing higher low.
- Projected Daily Range: 22.20
- Projected Weekly Range: 42.30
- Projected Monthly Range: 94.70
Euro FX (December):
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 11/15/12 @ 1.2788. Confirmation of a bottom with a close violation on 11/19/12 @ 1.2811. Upside Targets = 1.3117 – 1.3177.
- Bearish ERVB generated on Thursday.
- The December Euro FX dropped significantly lower on the ECB decision to leave rates unchanged and painted a grim outlook for a possible shrinking Eurozone economy.
- The downside target that was mentioned in last night’s report of 1.2938 that was supposed to take 4-6 days to trade was nearly fulfilled in Thursday’s session alone, highlighting that the market was oversold on Thursday and should see a pop back higher on Friday with a positive US employment report.
- Projected Daily Range: .0090
- Projected Weekly Range: .0182
- Projected Monthly Range: .0456
E-Mini S&P (December):
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 12/05/12 @ 1401.25. Confirmation of a bottom with a close violation on 11/20/12 @ 1386.25. Upside Targets = 1404.00 – 1420.00.
- Inside VRCB generated on Thursday.
- The December S&Ps traded within another thin session on Thursday as market volatility continues to be stuck in a day-on, day-off routine but did close at its highest level all week.
- The S&Ps may look to take another shot at this week’s high on Friday with any positive economic data as the market struggles between both domestic and global fiscal uncertainties.
- Projected Daily Range: 15.00
- Projected Weekly Range: 43.25
- Projected Monthly Range: 81.50
