Gold in danger of making fresh monthly lows

Daily Market Analysis (SHORT TERM) Tuesday 07/24/12

ENERGIES

Brent Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/23/12 @ 105.27. Confirmation of a top with a close violation on 07/23/12 @ 103.26. Downside Target = 100.92.
  • September Brent Crude dropped sharply lower on Monday as projected in this weekend’s report as Spanish sovereign debt fears blanketed the market as nearly all of last week’s gains were erased.
  • After being severely oversold into intraday support, look for Brent to make a small move higher in early trading on Tuesday before falling below $102.
  • Projected Daily Range: 3.17
  • Projected Weekly Range: 7.15
  • Projected Monthly Range: 13.99

WTI Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/23/12 @ 90.15. Confirmation of a top with a close violation on 07/23/12 @ 88.14. Downside Targets = 86.70 – 85.39.
  • September WTI Crude followed along with Brent to begin the new week as the broader risk markets sank lower and WTI saw its biggest one day loss in nearly two months.
  • Look for a mild pop higher on Tuesday morning before selling off lower to just above the $85 mark.
  • Projected Daily Range: 2.84
  • Projected Weekly Range: 6.30
  • Projected Monthly Range: 11.71

Natural Gas (September):

  • 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 = 2.174 – 3.288
  • September Natural Gas extended its gains on Monday after recovering from an overnight battering as it settled at its highest active contract price of 2012.
  • After closing above the daily Resistance Bollinger Band for the previous two session, look for Natural Gas to reign in some gains on Tuesday before continuing higher towards $3.174 – $3.247.
  • Projected Daily Range: .124
  • Projected Weekly Range: .298
  • Projected Monthly Range: .586
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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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