Natural gas rebounds on large storage withdrawal

Daily Market Analysis (SHORT TERM) Friday 01/11/2013

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 bottom with a close violation on 01/10/13 @ 1678.00. Upside Target = 1696.40 – 1725.10
  • New highs made on current move Thursday @ 1678.80.
  • February Gold had its best day in nearly two weeks on Thursday as weakness in the USD helped risk assets across the board along with the ECB’s plans to leave rates unchanged.
  • Expect a setback near $1,665 in early trading on Friday before resuming the rally and possibly making new highs for the week.
  • Projected Daily Range: 18.50
  • 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 bottom with a close violation on 01/10/13 @ 1.3149. Upside Targets = 1.3414 – 1.3511.
  • Bullish ERVB generated on Thursday making new highs on the current move @ 1.3280.
  • The March Euro FX exploded higher on Thursday for its best single day gain in 5 months on the BOE & ECB’s decision to leave rates at current levels.
  • Look for a slight pullback in current value on Friday as traders take profits from Thursday’s large run-up before resuming the rally that should take this market to 1.37.
  • Projected Daily Range: .0108
  • 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 01/10/13 @ 1459.75. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50.
  • Confirmation of a bottom with a range violation @ 1459.75.
  • The March S&Ps were able to fight off some early morning lulls and push to new contract highs in the second half of trading.
  • Expect for new highs to be made in early trading on Friday before setting back to 1464 where the market should find new buyers heading into the weekend.
  • Projected Daily Range: 11.50
  • 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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