Gold falls on slipping demand, S&P 500 looking at 1393

Daily Market Analysis (SHORT TERM) Thursday 07/19/12

ENERGIES

Brent Crude Oil (September):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 06/26/12 @ 91.76. Confirmation of a bottom with a close violation on 06/26/12 @ 93.02. Upside Target = 103.91.
  • New highs made on current move Wednesday @ 105.60.
  • September Brent Crude traded to its highest level since late May on Wednesday as a smaller than expected draw in crude inventories help fuel the market higher.
  • As Brent closed above $105 for the first time since May 29, this market could continue to advance higher this week to the weekly target of 108.17.
  • Projected Daily Range: 2.30
  • Projected Weekly Range: 7.15
  • Projected Monthly Range: 13.99

WTI Crude Oil (September):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 07/03/12 @ 86.50. Confirmation of a bottom with a close violation on 07/13/12 @ 87.10. Upside Targets = 90.53 – 91.32.
  • DOUBLE VRCB generated on Wednesday making new highs on current move @ 90.36. Upside Target 90% achieved.
  • September WTI Crude closed above $90 on Wednesday as it logged its sixth consecutive day of gains despite relatively thin trading.
  • With WTI trading to within $1 of the current upside target and closing so strongly, look for it to continue onward through the initial objectives and to the extended target of $92.77.
  • Projected Daily Range: 1.84
  • Projected Weekly Range: 6.30
  • Projected Monthly Range: 11.71

Natural Gas (August):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/18/12 @ 2.921. Confirmation of a bottom with a close violation on 07/18/12 @ 2.973. Upside Targets = 3.288.
  • August Natural Gas exploded higher in on Wednesday in part due to HFT but remained at elevated levels throughout the session to close at its highest level since the second week of January.
  • As natural gas once again challenges the daily RBB (Resistance Bollinger Band), look for tomorrow’s storage report to finally either push this market back above $3 on a closing level or drop back into the consolidation level it has bounced around in for the last two weeks.
  • Projected Daily Range: .136
  • Projected Weekly Range: .284
  • Projected Monthly Range: .586
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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