Oil eyes $100 as U.S. dollar remains weak

Daily Market Analysis (SHORT TERM) Thursday 01/31/2013

METALS

COMEX Gold (April ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 01/30/13 @ 1667.20. Confirmation of a bottom with a close violation on 01/30/13 @ 1681.60. Upside Target = 1713.30 – 1725.30
  • April Gold followed through on early week reports Wednesday as it exploded higher following a terrible US GDP report as investors turned back to the metal on expectations of further easing from the Fed.
  • Wednesday’s strong bullish price action along with the confirmation of a higher ST low, look for gold to make a strong move above $1,700 and go after the December 2012 highs.
  • Projected Daily Range: 15.80
  • Projected Weekly Range: 38.50
  • Projected Monthly Range: 90.30

CURRENCIES

Euro FX (March ’13):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 01/24/12 @ 1.3378. 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 Wednesday @ 1.3592.
  • The euro continued to build upon recent bullish momentum as it traded to its highest level in 13 months on a staggering USD on its way to my Q1 upside target of 1.3709.
  • Current IT charting formations show a possible inverted head-and-shoulders pattern possibly forming that sets up for a year end objective of 1.46 for the FX currency.
  • Projected Daily Range: .0098
  • Projected Weekly Range: .0238
  • 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 01/15/13 @ 1469.25. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50 – 1505.25*.
  • New highs made on the current move Wednesday @ 1506.00.
  • The March S&Ps dropped lower in the last part of trading Wednesday for its first decline in 11 trading sessions as traders pondered over the possible economic impacts of further defense spending cuts on top of a negative Q4 GDP number.
  • While many retail investors are beginning to come in to the market after one of the best starts to the year in decades, the current move remains dramatically overbought and should see a 50 point correction before breaking through 1525.
  • Projected Daily Range: 12.00
  • Projected Weekly Range: 33.75
  • Projected Monthly Range: 76.00
<< Page 2 of 2
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.

Comments
comments powered by Disqus