Natural gas ready for drop to $2.612

Daily Market Analysis (SHORT TERM) Thursday 08/09/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/07/12 @ 1618.90. Confirmation of a top with a close violation on 07/31/12 @ 1614.60. Upside Targets = 1645.10 – 1662.60.
  • December Gold settled back higher on Wednesday in another light trading session as it once again found some buyers as it neared the $1,600/oz. level.
  • If gold is able to generate new highs for the week on Thursday, look for the current rally to extend itself through the July highs towards our upside targets.
  • Projected Daily Range: 18.60
  • Projected Weekly Range: 61.20
  • Projected Monthly Range: 105.00

CURRENCIES

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/08/2012 @ 1.2346. Confirmation of a bottom with a close violation on 07/26/2012 @ 1.2293. Downside Target = 1.2140 – 1.2074.
  • Possible Conservative confirmation of a top with a close @ 1.2346 or lower.
  • The September Euro FX sank lower on Wednesday as worries over Eurozone debt crept back into the market due to the large obstacles to overcome in getting the fiscal landscape back in order.
  • The Euro will have a tough time finding itself attractive to investors if it moves back above 1.25 as the high borrowing cost and weak economies of many euro members may prove to be more of a problem the ECB president Draghi can fix.
  • Projected Daily Range: .0089
  • 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 were able to once again log gains on the session yet found it tough to break through to new weekly highs as traders seem to be uncomfortable with the stock market at these elevated levels despite massive concerns about the health of our economy and no new fed aid.
  • Thursday’s jobless claims should provide the ammunition traders need to jump into the market, either short or long, in what has been a very lazy week thus far.
  • Projected Daily Range: 15.50
  • Projected Weekly Range: 47.25
  • 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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