Natural gas building momentum for run to $3.50

Daily Market Analysis (SHORT TERM) Tuesday 01/15/2013

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
  • Inside compression day generated on Monday.
  • February gold reclaimed some of its lost gains on Monday but was unable to break through to new highs on the current move as it closed just above the 20-day MA.
  • Gold unfortunately will not be able to make its IT push higher near the $1,750 level until it can close above last week’s high of $1,678.80 and will continue to be dropped back around the $1,650 level.
  • Projected Daily Range: 21.30
  • Projected Weekly Range: 41.30
  • 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.
  • New highs made on current move Monday @ 1.3414.
  • The March Euro FX made new contract highs on Monday for the second consecutive trading day while closing near the daily RBB and achieving the first of my 2 ST upside objectives to the tick.
  • There is little resistance left for the euro until it reaches the psychological resistance point of 1.35 and the 2012 highs so expect tighter volatility until that level is breached.
  • Projected Daily Range: .0110
  • Projected Weekly Range: .0251
  • 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.
  • Bearish AOVB generated on Monday.
  • The March S&Ps gave back some significant ground to begin the new week as it was unable to generate new contract highs or break the 2012 highs at 1474.50.
  • The S&Ps may see a relatively range bound trading session on Tuesday as it bounces between 1460 and 1470 between multiple economic data points released in the morning.
  • Projected Daily Range: 11.75
  • Projected Weekly Range: 49.50
  • 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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