Oil finds solid support at $94.50, markets waiting on payrolls

Daily Market Analysis (SHORT TERM) Thursday 09/06/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/31/12 @ 1679.40. Confirmation of a bottom with a close violation on 08/31/12 @ 1679.40. Upside Targets = 1721.90 – 1728.70.
  • Inside VRCB generated on Wednesday. Possible confirmation of a top with a range violation @ 1687.50. Possible confirmation of a top with a close @ 1687.50 or lower.
  • December Gold had a very thin trading session on Wednesday and settled mildly lower on the day ahead of the numerous economic data reports due out tomorrow including employment and ISM readings.
  • Look for tomorrow’s economic data to drive market direction with price action slightly bullish.
  • Projected Daily Range: 23.70
  • Projected Weekly Range: 50.10
  • Projected Monthly Range: 126.40

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 bottom with a close violation on 08/21/2012 @ 1.2451. Upside Targets = 1.2623 – 1.2699.
  • The September Euro FX reversed its overnight losses on Wednesday after holding last week’s low and then rallied higher back above 1.26, just below Tuesday’s high.
  • Wednesday’s price action indicates that the market should continue to move higher after ECB head Draghi reiterated that it will do whatever it takes to keep the Euro solvent and may push this market back higher towards the Q3 target of 1.2797.
  • Projected Daily Range: .0113
  • Projected Weekly Range: .0200
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/23/12 @ 1404.00. Confirmation of a top with a close violation on 08/23/12 @ 1400.00. Downside Targets = 1387.50 – 1375.50.
  • Inside compression day generated on Wednesday. Possible confirmation of a bottom with a range violation @ 1409.75. Possible confirmation of a bottom with a close @ 1409.75 or higher.
  • The September S&P’s had another choppy trading session on Wednesday in a compressed trading range while settling just above the day’s mid-range.
  • Unless the economic data points severely disappoint, the S&P’s should see a large move higher to end the week and possibly track down the contract highs of 1424.75.
  • Projected Daily Range: 14.25
  • Projected Weekly Range: 35.75
  • Projected Monthly Range: 80.25
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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