Natural gas approaches key price level

Daily Market Analysis (SHORT TERM) Wednesday 01/16/2013

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 Tuesday @ 1684.90.
  • February Gold made new eight-session highs on Tuesday to close at is second highest level of the new year as it approaches the 40-day moving average and the current 2013 highs.
  • With current stochastic values pointing sharply higher as well as strong confirmed bullish price action, gold has a legitimate shot at moving through the initial upside target and through $1,700 by week’s end.
  • Projected Daily Range: 19.30
  • 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.
  • Close < Low of High Day generated on Tuesday.
  • The March Euro FX dropped significantly lower on Tuesday due to German data released pointing to lower than expected GDP growth in 2012 at 0.7% compared with a 3% gain the year prior.
  • If the euro trades and closes below Tuesday’s low it may experience a short-term setback to 1.3168 before finding firmer ground to re-launch its move higher.
  • Projected Daily Range: .0107
  • Projected Weekly Range: .0251
  • 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 01/15/13 @ 1460.00. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50.
  • The March S&Ps reversed course after the opening bell on Tuesday to eventually eradicate the overnight losses it sustained because of weaker than expected German GDP data to close in the upper 70% of the daily range while trading exactly the projected trading range mentioned in Monday evening’s report.
  • This market should remain relatively range bound, as mentioned in previous reports, for the foreseeable future as it trades between 1450 and 1475.
  • Projected Daily Range: 10.75
  • 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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