COMEX Gold (February ‘13):
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation on 12/31/12 @ 1677.90. Confirmation of a bottom with a close violation on 12/31/12 @ 1675.80. Upside Target = 1692.40 – 1716.80
- New highs made on current move Wednesday @ 1695.40.
- February Gold continued to move higher on Wednesday on the heels of the US fiscal cliff “deal” that brought about a risk on sentiment to traders as the market threatened $1,700 for the first time in two weeks.
- Although gold did settle off the session highs toward the end of the day, the hard asset should continue to see a month long gain in prices that will eventually push the market between $1,755 - $1,788.
- Projected Daily Range: 20.80
- Projected Weekly Range: 43.60
- Projected Monthly Range: 90.30
CURRENCIES
Euro FX (March ’13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 01/02/12 @ 1.3174. Confirmation of a top with a close violation on 12/21/12 @ 1.3187. Downside Targets = 1.3093 – 1.3036.
- Bearish OVB generated on Wednesday.
- The March Euro FX dropped significantly lower on Wednesday as it last traded below the 1.32 mark and is setting up for a possible IT confirmation of a top with a weekly settle below 1.3145.
- The euro enjoyed an unchallenged move higher for the last 6 weeks of 2012 and after trading to within just 30 ticks of the IT Upside Target, a slight move lower in the next couple of weeks could reinvigorate bulls and lead to a rally that should subsequently knock out the 2012 highs and trade above 1.35.
- Projected Daily Range: .0094
- Projected Weekly Range: .0198
- Projected Monthly Range: .0381
INDEXES
E-Mini S&P (March ’13):
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation on 12/31/12 @ 1417.00. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50.
- New highs made on current move Wednesday @ 1458.00.
- The March S&Ps gapped higher on Wednesday to begin the new year with a bang, settling at its third highest price in five years on the backside of the tax solution to the fiscal cliff being passed through Congress late on New Year’s Day.
- The S&’s should have a very strong start to 2013 but will almost undoubtedly see a modest correction on the level of 5-7% come mid-February when serious talks over the US debt ceiling have to be dealt with.
- Projected Daily Range: 25.25
- Projected Weekly Range: 42.00
- Projected Monthly Range: 76.00