Gold appears ready for larger upside move

CURRENCIES

 

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/14/2012 @ 1.2379. Confirmation of a top with a close violation on 08/09/2012 @ 1.2300. Downside Targets = 1.2167 – 1.2076.
  • Inside compression day generated on Monday. Possible confirmation of a bottom with a close violation @ 1.2379 or higher.
    • The September Euro FX moved a shade higher on Monday in a very narrow trading range as it was yet again unable to generate any serious price action due to the uncertainty that faces this market now that the European politicians are back from summer recess.
    • Although most technical indicators can make the case for a move higher to new monthly highs above 1.2450, the Euro has had a tough time attracting investors to believe the stability and longevity of the currency without major political leaders laying out groundbreaking policies that would sure up the Eurozone financial system.
  • Projected Daily Range: .0096
  • Projected Weekly Range: .0203
  • Projected Monthly Range: .0601

 

INDICES

 

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.
  • VRCB-OVB generated on Monday making new highs on the current move @ 1416.75. Upside Target over 105% achieved.
    • The September S&P’s settled slightly lower for the first time in nearly a week on Monday after running just through last week’s high but stopping just shy of the 2012 highs at 1419.75.
    • While the excessively thin trading volumes continuing to plague the futures markets, the stock indices should most likely move out to the side this week as resistance pegged at the  yearly high is directly above while support should stop the market from closing below 1400 without major economic news from Europe or the FOMC minutes Wednesday afternoon.
  • Projected Daily Range: 10.50
  • Projected Weekly Range: 26.75
  • 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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