Commodities turn bearish, gold target at $1,528

Daily Market Analysis (SHORT TERM) Thursday 04/05/2012

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a top on 04/03/12 with a range violation @ 1646.60. Downside Targets 1612.80 – 1594.70
  • New 3 month lows made on Wednesday @ 1613.00. Downside Target 80% achieved.
  • June Gold continued its free-fall on Wednesday as is set new 12 week lows and closed below the daily Support Bollinger Band for the first time in a month.
  • Gold may be able to receive an end-of-week bounce after losing more than $60 in the past two trading sessions but the Short Term and Intermediate Term outlook for the precious metal is still bearish with weekly objectives pointing all the way down to 1535.20-1528.10.
  • Projected Daily Range: 33.30
  • Projected Weekly Range: 59.30
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a top on a range violation on 04/03/2012 @ 1.3256. Confirmation of a top on a close violation 04/03/12 @ 1.3220. Downside Target 1.3068 – 1.2968.
  • New low made on current move Wednesday @ 1.3112. Downside Target 75% achieved.
  • The euro moved lower on Wednesday as it followed the rest of the “risk” markets south, setting new three week lows as it looks to continue its decline to run the sell stops in the market below 1.2987.
  • Projected Daily Range: .0131
  • Projected Weekly Range: .0181
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a top on 04/04/12 with a range violation @ 1398.75. Confirmation of a top on 04/04/12 with a close violation @ 1393.25. Downside Target = 1378.00.
  • TREND REVERSAL to bearish @ 1386.00.
  • The June S&P’s broke sharply lower on Wednesday as the aftermath of the Fed cutting off its backstop on monetary supply sunk into investors today as the market headed for is largest decline in over a month.
  • As mentioned in the weekend report, the S&P’s have seen volatility increase at the current elevated levels and the market is in dire need of a 5-7% correction before a healthy rally can ensue to push this market higher toward our yearly objective of 1512.00.
  • Projected Daily Range: 18.00
  • Projected Weekly Range: 31.75
  • Projected Monthly Range: 75.00
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