Oil hinges on GDP, gold shooting for $1,674

Daily Market Analysis (SHORT TERM) Friday 07/27/12

METALS

COMEX Gold (August):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/25/12 @ 1584.10. Confirmation of a bottom with a close violation on 07/25/12 @ 1608.10. Upside Targets = 1641.20.
  • New highs made on current move Thursday @ 1621.50. TREND REVERSAL CONFIRMED
  • August Gold continued its rally on Friday after opening a shade lower but found support above $1,600 as it traded to the daily Resistance Bollinger Band.
  • Look for gold to continue higher over the next few weeks as it makes a run to new three-month highs above $1,674.30.
  • Projected Daily Range: 23.20
  • Projected Weekly Range: 52.40
  • Projected Monthly Range: 105.00

CURRENCIES

Euro FX (September):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 07/26/2012 @ 1.2180. Confirmation of a bottom with a close violation on 07/26/2012 @ 1.2293. Upside Target = 1.2412.
  • The September Euro FX generated an ERVB (Extended Range Vertical Bar) on Thursday as ECB President Draghi reiterated that it would do whatever was needed to support the Euro.
  • Comments like these will surely create a brief sigh of relief but does nothing to address the fundamental problems with Euro countries which in turn will lead to an extended period of currency devaluation.
  • Projected Daily Range: .0142
  • Projected Weekly Range: .0256
  • Projected Monthly Range: .0601

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/23/12 @ 1356.75. Confirmation of a top with a close violation on 07/23/12 @ 1343.75. Downside Targets = 1315.50 – 1303.25
  • Bullish ERVB (Extended Range Vertical Bar) generated on Thursday. Possible confirmation of a bottom with a range violation @ 1359.00. Possible confirmation of a bottom with a close violation @ 1359.00 or higher.
  • The September S&P’s exploded higher on Thursday due to a strong jobless claim number as well as a sense of relief from the Euro mess as it filled the weekly close gap from last week.
  • As coincides with all risk markets, Friday’s GDP report will prove to be the single most important factor for tomorrow’s price action.
  • Projected Daily Range: 24.25
  • Projected Weekly Range: 42.25
  • Projected Monthly Range: 95.75
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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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