S&P 500 run not over; gold finds technical support

Gold ingot

METALS

GCJ12:

  • Short Term Trends are bearish.
  • Confirmation of a top on 03/14/12 with a range violation @ 1663.30 and a close below. Downside Targets 1648.90-1612.20. Extreme Projected Downside 1566.10.
  • Working on 5th inside day. Possible confirmation of a bottom with a range violation @ 1682.90. Possible confirmation of a bottom on a close @ 1682.90 or higher.
  • April Gold broke lower today as demand was stifled based on the poor economic data out of China, one of the world’s largest consumers of the precious metal.
  • Gold was able to find technical support and is possibly forming a bull flag for a push higher above $1700/oz.
  • Projected Daily Range: 22.20
  • Projected Weekly Range: 80.80
  • Projected Monthly Range: 176.10

CURRENCIES

ECM12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on a range violation on 03/19/12 @ 1.3196. Confirmation of a bottom on a range violation 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
  • Inside compression bar on Tuesday.
  • The June Euro took a breather on Tuesday after three consecutive days of strong bullish price action, closing just a shade lower on the day.
  • The Euro should have no problem making new highs for the week as it goes after our first initial upside target of 1.3380. 
  • Projected Daily Range: .0115
  • Projected Weekly Range: .0228
  • Projected Monthly Range: .0601

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 03/08/12 with a range violation @ 1359.75 and a confirmation of a bottom with a close @ 1360.50. Upside Target = 1420.25-1450.50.
  • Possible confirmation of a top with a range violation @ 1391.50. Possible  confirmation of a top with a close @ 1391.50 or lower.
  • June S&P’s broke lower initially on the poor economic data from across the pacific but was able to rally throughout the rest of the day as positive sentiment from homebuilders buoyed the market.
  • Look for new highs for the week to be made as the market chases down 1420.25.
  • Projected Daily Range: 11.25
  • Projected Weekly Range: 31.50
  • Projected Monthly Range: 73.50
About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience 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. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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