Oil, gold at risk during thin markets before holiday

Daily Market Analysis (SHORT TERM) Friday 05/25/12

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/23/12 @ 1560.90. Confirmation of a top with a close violation on 05/23/12 @ 1548.40. Downside Targets 1525.50 – 1517.10.
  • Possible confirmation of a TREND REVERSAL to bullish with a range violation @ 1577.80. Possible confirmation of a TREND REVERSAL to bullish with a close @ 1577.80 or higher.
  • June Gold gave back most of its earlier gains on Thursday after meeting heavy resistance just north of $1,575 as investors are still uneasy holding onto positions in the “risk” markets.
  • Look for gold and the other risk markets to trade in relatively thin range as most traders head out for the long weekend but should drop the market back below $1,550 going into the weekend.
  • Projected Daily Range: 31.90
  • Projected Weekly Range: 62.70
  • Projected Monthly Range: 92.10

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 1.3123. Confirmation of a top on a close violation 05/04/12 @ 1.3089. Downside Targets = 1.2805 – 1.2623 – 1.2324.
  • New lows made on current move Thursday @ 1.2561. Downside Target over 220% achieved.
  • The June Euro FX continued its decline on Thursday as it made fresh new 2012 lows as well as new lows dating back to early July 2010 while approaching the daily Support Bollinger Band.
  • The Euro should continue to fall as investors’ confidence will continue to deteriorate until after the June 17th Greece elections.
  • Projected Daily Range: .0136
  • Projected Weekly Range: .0215
  • Projected Monthly Range: .0429

INDEXES

ESM12:  

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 1389.00. Confirmation of a top with a close violation on 05/03/12 @ 1386.00. Downside Target = 1345.00 – 1318.50 – 1293.25.
  • VRCB / Close > High Of Low Bar generated on Thursday. Possible confirmation of a bottom with a range violation @ 1326.75. Possible confirmation of a bottom with a close @ 1326.75 or higher.
  • The June S&P’s moved back near 1300 on Thursday before finding some support near Wednesday’s mid-range and rallied to close at its highest level in over a week.
  • Like gold, the S&P’s should be a relatively thin trade on Friday heading into the weekend but it may be able to advance to new highs for the week near the weekly upside target of 1334.75.
  • Projected Daily Range: 24.25
  • Projected Weekly Range: 47.50
  • Projected Monthly Range: 73.25
<< Page 2 of 2
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.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome