Natural gas targets $3.45 on cold weather forecasts

Daily Market Analysis (SHORT TERM) Monday 01/07/2013

METALS

COMEX Gold (February ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 01/04/13 @ 1661.10. Confirmation of a top with a close violation on 01/04/13 @ 1648.90. Downside Target = 1625.70 – 1611.90.
  • February gold continued its fall lower on Friday as it broke through the Q4 lows and settled and its second lowest point since late August before making an after pit-session short covering rally back near $1,655.
  • Look for gold to fall back lower again on Monday and eventually drop down near the $1,600 level before finding any support.
  • Projected Daily Range: 23.60
  • Projected Weekly Range: 52.00
  • 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.
  • New lows made on current move Friday @ 1.3005.
  • The March Euro FX also dropped lower throughout Friday’s session before making a comeback to settle positive on the day after trading just through the downside targets.
  • As mentioned in last week’s reports, the euro was able to find solid support at 1.30 and should make a solid move back to the upside in the coming weeks.
  • Projected Daily Range: .0092
  • Projected Weekly Range: .0193
  • 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 Friday @ 1463.00.
  • The March S&Ps made new contract highs on Friday but was unable to hold onto most of the day’s gains as it settled back just above the daily mid-range.
  • The S&Ps are nearing a point where they are extremely overbought as much as they were in mid-September and could see a drop lower in the coming weeks as Congress is sure to make a debacle out of the debt ceiling debate.
  • Projected Daily Range: 18.25
  • Projected Weekly Range: 59.25
  • Projected Monthly Range: 76.00
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About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

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