Natural gas setting up for bear run to $2.82

KMH Capital Weekly Market Analysis

Gold: (April ‘13)

WEEKLY OUTLOOK:
Intermediate Term Trends are bullish.
Current Upside Targets = $1,755.70 – $1,785.60
Projected Weekly Range: $37.10
Projected Monthly Range: $81.10

  • Gold had very volatile price action this past week but did so in an overall tight trading range, narrowly avoiding becoming a VRCB week. The price action for the week turned out to be bearish divergent with lower lows and highs but closing above the weekly mid-range points to a high probability of last week’s high being violated. This current consolidation phase we are seeing in gold is very similar to what we just saw in Brent before a breakout higher and all through there has been very little follow through in recent weeks, I expect to see an eventual move back to the November ’12 highs before the end of Q1.

Copper: (March ‘13)

WEEKLY OUTLOOK:

Intermediate Term Trends are bullish.
Current Upside Target = $3.9550 – $4.0245
Projected Weekly Range: $0.1035
Projected Monthly Range: $0.1990

  • Copper reversed course from its indecisive price action over the previous few weeks and broke out to new 2013 highs and traded to its highest level since the first week of Q4 ’12. The current optimistic sentiment towards the housing industry as well as the economic recovery is helping fuel rising copper prices and a current upward rising bullish trend channel should help the market continue to rise all the way to my Q1 objective of 4.0245.
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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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