This week’s major market ranges for crude, forex and gold

January 8, 2018 11:36 AM

Most major markets are entering mathematically defined trending conditions. The euro, British pound and grain complex have the three most compelling technical conditions and may make the largest percentage moves from last week’s close.

The E-mini S&P 500, crude oil and yen are showing some sideways pivot math and range statistics. Crude and the E-mini S&P 500 are the only Iron Condor considerations on any wide-range down spikes, and crude is already looking overbought. The Aussie dollar and gold are trending bullish based on pivot math, but directionally mixed and could surprise. 6B is a short trade setup from coming higher price signals, due to negatively-divergent understudies making lower highs against price’s higher highs.

Being my first week to try to predict bitcoin futures (XBT), my projected ranges formed clusters/confluences with volume profile value areas/pivots near the $17,574; $17,100, a monthly camarilla pivot, and $18,506, a Fibonacci target, were also aggregated/averaged. Bitcoin’s narrow range constriction break started Friday with remaining higher targets; $14,908 is the halfway point between last week’s high/low, and $15,340 is halfway between the week’s open/close, and either of these could be a throwback level to retest this week’s fair value. Nearby, $15,540 is this week’s weekly pivot, and $15,540-$15,340 could be an upwards-revised buy zone, although I try not to revise my numbers and Bitcoin’s weekly lows are projected to be under the weekly pivot.
 

This Coming Week’s Projected Ranges/Trade Zones

E-mini S&P 500 ES

Highs 2764-2748/Lows 2707-2692

Japanese yen futures

Highs 89.31-89.15/Lows 88.47-88.28

Euro FX

Highs 121.80-12140/Lows 120.36-120.12

Gold (GC)

Highs $1,340-$1,330/Lows 1305-1298

Crude Oil

Highs $62.68-$61.97/Lows $60.50-$60.15

British pound

Highs 1367-1364/Lows 1350-1346

Aussie Dollar

Highs 79.14-78.89/Lows 78.03-77.87

Corn

Highs $3.56-$3.54/Lows $3.48-$3.46

Soybeans

Highs $9.84-$9.78/Lows $9.63-$9.60

Bitcoin (XBT)

Highs $17,863-$17,574/Lows $15,340-$14,747


Weekly range predictions are based on a series of mathematical based indicators and used in weekly options spreads. These ranges can be used to calculate range trades or to places stops. In future weekly posts, we will compare our past weekly range predictions along with the actual ranges so you can check our work.

About the Author

Trevor Smith is a registered commodity trading advisor who holds four degrees across multiple disciplines. His study of financial markets led to his beliefs that investors can be self-directed and that market moves could be predicted using a variety of technical indicators and mathematics. His website is www.trevorsmithfnp.com. @TrevorSmithCTA