Natural gas falls before expected inventory withdrawal

Daily Market Analysis (SHORT TERM) Thursday 01/10/2013

METALS

COMEX Gold (February ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 01/09/13 @ 1664.60. Confirmation of a top with a close violation on 01/04/13 @ 1648.90. Downside Target = 1625.70 – 1611.90.
  • February Gold dropped lower to finish Wednesday’s session after initially making new four-day highs in what turned out to be a tight trading session.
  • Look for gold to continue to slowly work its way higher throughout the remainder of the week and eventually track down the current 2013 highs to move above $1,700.
  • Projected Daily Range: 17.00
  • Projected Weekly Range: 52.00
  • Projected Monthly Range: 90.30

CURRENCIES

Euro FX (March ’13):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 01/08/12 @ 1.3129. Confirmation of a top with a close violation on 12/21/12 @ 1.3187. Downside Targets = 1.3093 – 1.3036.
  • VRCB generated on Wednesday.
  • The March Euro FX closed below Tuesday’s low in a compressed trading range as it failed to gather much momentum above 1.31 as projected in Tuesday evening’s report.
  • Look for the euro to drop lower over the coming weeks towards the Q1 projected low of 1.2750.
  • Projected Daily Range: .0082
  • Projected Weekly Range: .0193
  • Projected Monthly Range: .0381

INDEXES

E-Mini S&P (March ’13)

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 01/08/13 @ 1450.50. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50.
  • VRCB generated on Wednesday.
  • The March S&Ps moved back higher on Wednesday in another tight trading day as they remained within the close cluster pattern.
  • The S&Ps should break through to new contract highs on Thursday and target 1470.25 by the end of the week.
  • Projected Daily Range: 14.25
  • 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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