Oil moves higher on strong ISM, gold turns bullish

Daily Market Analysis (SHORT TERM) Tuesday 04/03/12

METALS

GCM12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 04/02/12 with a range violation @ 1672.80 and a close violation on 04/02/12 @ 1679.70. Upside Targets 1731.50 – 1776.70
  • June Gold was able to catch a solid bid on Monday as it reversed the Short Term Trend from bearish to bullish and tries to generate an Intermediate Term TREND REVERSAL to bullish with a weekly close @ 1699.70 or higher.
  • Gold will first need to get through the technical resistance level of $1,700/oz. before it can make a serious move toward our initial upside target of 1731.50.
  • Projected Daily Range: 17.60
  • Projected Weekly Range: 59.30
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on a range violation on 04/02/12 @ 1.3384. Confirmation of a bottom on a close violation on 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
  • The euro spent all day trying to recoup its losses as it generated an OVB on the day but managed to fight back to close just above the day’s mid-range.
  • If last week’s high is violated @ 1.3391, look for the euro to continue its run higher towards the objective listed 2 weeks ago @ 1.3470.
  • Projected Daily Range: .0093
  • Projected Weekly Range: .0181
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 04/02/12 with a range violation @ 1406.50 and a close violation on 04/02/12 @ 1408.25. Upside Targets 1426.75 – 1433.25
  • The June S&P’s moved higher on Monday as they settled at their second highest level of 2012 before running into resistance at last week’s highs.
  • The S&P’s have seen an increase in volatility at these elevated levels due mostly to the fact that there has been a 12% increase to begin the year with not one single correction lasting more than 4 days.
  • Look for the upside objective of 1426.75 to be achieved before running into another round of resistance.
  • Projected Daily Range: 15.75
  • Projected Weekly Range: 31.75
  • Projected Monthly Range: 75.00
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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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