Oil looking for psychological support, gold in technical bear trend

Daily Market Analysis (SHORT TERM) Monday 04/09/12

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.
  • Possible confirmation of a bottom with a range violation @ 1649.60. Possible confirmation of a bottom with a close @ 1649.60 or higher.
  • June Gold was able to generate a sizeable pop last Thursday to try and alleviate some of the early losses it incurred last week as the bullish close indicator points to a higher high on Monday.
  • Although Gold is decidedly in a technical “bear” trend, this market may try to make a rally up to 1667.10 in the early going this week before it makes a move back lower.
  • Projected Daily Range: 31.00
  • Projected Weekly Range: 55.90
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a top on a range violation on 04/03/12 @ 1.3256. Confirmation of a top on a close violation 04/03/12 @ 1.3220. Downside Target 1.3068 – 1.2968.
  • Inside VRCB generated on Friday due to holiday market hours.
  • The Euro spent all of last week plunging lower, dropping nearly 300 points to its lowest weekly settlement since mid-January.
  • We still believe that the sell stops should be ran in this market below 1.2987 on its way to our Short Term objective of 1.2968.
  • Projected Daily Range: .0112
  • Projected Weekly Range: .0234
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bearish.
  • Confirmation of a top on 04/04/12 with a range violation @ 1398.75. Confirmation of a top on 04/05/12 with a close violation @ 1390.25.
  • SHORT TERM TREND REVERSAL from bullish to bearish @ 1380.25.
  • The June S&P’s moved decisively lower on Friday in thin trading setting up for a lower weekly open this week as it made new 3 ½ week lows.
  • The S&P’s should find strong support above 1360 where it should begin its next upward movement to crack 1450.
  • Projected Daily Range: 19.00
  • Projected Weekly Range: 35.50
  • 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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