Gold has second trend reversal in two days

Daily Market Analysis (SHORT TERM) Wednesday 04/04/2012

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a top on 04/03/2012 with a range violation @ 1646.60. Downside Targets 1612.80 – 1594.70.
  • June Gold was decimated on Tuesday as it generated its second Short Term TREND REVERSAL in two days and is setting up for another fall to make new two month lows.
  • Any intraday rally should be used to sell this market as this is one of our most powerful signals of market direction.
  • Projected Daily Range: 25.00
  • Projected Weekly Range: 59.30
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bullish.
  • Confirmation of a top on a range violation on 04/03/2012 @ 1.3256. Confirmation of a top on a close violation 04/03/2012 @ 1.3220. Downside Target 1.3068 – 1.2968.
  • The June Euro broke lower on Tuesday as it responded to the Fed’s comments that it would not offer another round QE in the near term as its own debt problems persist.
  • The Euro could make a serious move lower over the Intermediate Term, possibly as low as 1.2455 in the coming months.
  • Projected Daily Range: .0113
  • Projected Weekly Range: .0181
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 04/02/2012 with a range violation @ 1406.50 and a close violation @ 1408.25. Upside Targets 1426.75 – 1433.25
  • Inside day generated on Tuesday. Possible TREND REVERSAL to bearish with a range violation @ 1398.75. Possible confirmation of a top with a close @ 1391.75 or lower.
  • The June S&P’s were only fractionally lower on Tuesday as the initial shock in the market seemed to subside and the S&P’s were able to settle the day above their mid-range.
  • If this market makes new lows for the week after Wednesday, look for the entire weekly range to trade to the downside towards 1386.00.
  • Projected Daily Range: 14.50
  • 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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