Markets look for follow-through after jobs report, oil targets $95

Daily Market Analysis (SHORT TERM) Monday 08/06/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/31/12 @ 1612.30. Confirmation of a top with a close violation on 07/31/12 @ 1614.60. Downside Targets = 1596.10 – 1586.60.
  • Possible confirmation of a bottom with a range violation @ 1618.90. Possible confirmation of a bottom with a close violation @ 1618.90 or higher.
  • December Gold rebounded firmly on Friday, closing just a few ticks of the session high after trading exactly to our downside price objectives listed last week.
  • Should gold be able to sustain the momentum it has garnered over the past few weeks, a move above last week’s high of $1,631.60 could be the last time gold trades below $1,600 before reaching our Q3 objective of $1,721.90.
  • Projected Daily Range: 26.90
  • Projected Weekly Range: 61.20
  • Projected Monthly Range: 105.00

CURRENCIES

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/03/2012 @ 1.2398. Confirmation of a bottom with a close violation on 07/26/2012 @ 1.2293. Upside Target = 1.2512 – 1.2609.
  • The September Euro FX capped off its most volatile trading weeks in months on Friday with its best daily gain in over a month as it closed its highest level since before the July 4th holiday.
  • With the ECB promising to backstop its currency and with mildly bullish US economic data, the risk on trade may push the Euro back above 1.2500 before it runs into further trouble.
  • Projected Daily Range: .0144
  • Projected Weekly Range: .0267
  • Projected Monthly Range: .0601

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/03/12 @ 1387.75. Confirmation of a bottom with a close violation on 08/03/12 @ 1387.75. Upside Targets = 1401.25 – 1414.25.
  • The September S&P’s exploded higher on Friday with a bullish economic report giving investors enough reason to pile into the risk markets and pushed the S&P’s to their highest closing price since the correction in the beginning of May.
  • Look for Friday’s rally to settle back in early trading on Monday before chairman Bernanke speaks but ultimately finding support above 1381.25.
  • Projected Daily Range: 26.00
  • Projected Weekly Range: 47.25
  • Projected Monthly Range: 95.75
<< 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