Natural gas remains weakest commodity; gold trending lower

Daily Market Analysis (SHORT TERM) Tuesday 04/24/12

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 04/16/12 @ 1649.60. Confirmation of a top with a close violation on 04/18/12 @ 1639.60. Downside Targets 1609.50 – 1595.10.
  • New low made on current move Monday @ 1623.60. Downside Target 80% achieved.
  • June Gold made new two-week lows Monday as it recorded its seventh consecutive day of lower highs and closed just below the day’s mid-range.
  • Having violated last week’s VRCB low, gold should continue lower throughout the week and approach the $1600/oz. level.
  • Projected Daily Range: 21.40
  • Projected Weekly Range: 49.90
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 04/20/12 @ 1.3179. Confirmation of a bottom on a close violation 04/20/12 @ 1.3219. Upside Targets = 1.3357 – 1.3418.
  • Possible confirmation of a top with a range violation @ 1.3106. Possible confirmation of a top with a close @ 1.3106 or lower.
  • The June Euro FX contract moved lower on Monday after the Dutch parliament resigned due to their inability to pass a budget in accordance to the new Euro Zone standards.
  • The Euro continues to be very sporadic in its direction of price action as the headlines dominate trading and our recommendation to stay away until the dust settles remains as we think there are bigger fish to fry.
  • Projected Daily Range: .0102
  • Projected Weekly Range: .0253
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 04/23/12 @ 1365.25.Confirmation of a top with a close violation on 04/23/12 @ 1362.75. Downside Target = 1345.50
  • The June S&P’s broke through last week’s low @ 1359.25 on Monday before finding support just above the April lows and the daily Support Bollinger Band.
  •  The S&P’s early morning declines failed to break the 1352.50 level and was followed by an all-day effort to bring the market back higher and should continue back towards 1400.
  • Projected Daily Range: 19.00
  • Projected Weekly Range: 37.50
  • 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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