Oil targets support near $94 after payrolls

Daily Market Analysis (SHORT TERM) Friday 09/07/12

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.
  • New highs made on current move Thursday @ 1716.90. Upside Targets over 100% achieved.
  • December Gold rocketed to within $1 of making new six month highs on Thursday and only $5.00 of our extended Q3 upside price target of $1721.90.
  • Once gold penetrated the daily Resistance Bollinger Band it had a tough time maintaining momentum and moved back lower to settle just above the daily mid-range and could see a profit taking sell-off going into the weekend.
  • Projected Daily Range: 15.40
  • 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 08/14/12 @ 1.2379. Confirmation of a bottom with a close violation on 08/21/12 @ 1.2451. Upside Targets = 1.2623 – 1.2699.
  • New highs made on current move Thursday @ 1.2654. Upside Target over 105% achieved.
  • The September Euro FX continued higher on Thursday, as projected, as it made new nine-week highs after be bolstered by a weaker USD and support from the ECB.
  • Look for a continued rally on Friday and for the euro to test the 1.2700 mark for the first time since late June.
  • Note: the Eurozone may continue to put Band-Aid’s on the problems many of its nations face but the euro will most likely face intensifying pressure in the coming months until hardcore solutions are brought to the table.
  • Projected Daily Range: .0097
  • Projected Weekly Range: .0200
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 09/06/12 @ 1409.75. Confirmation of a bottom with a close violation on 09/06/12 @ 1425.00. Upside Targets = 1446.25 – 1460.50.
  • Bullish ERVB (Extended Range Vertical Bar) generated on Thursday.
  • The September S&P’s exploded higher on Thursday to new 4 ½ year highs as an upbeat jobs report and further central bank easing from the ECB led market to their single day gain since the end of June.
  • Although the S&P’s had an incredible day on Thursday, unless the NFP report can follow up with impressive Labor Dept. numbers then this rally will come unhinged just as fast as it started.
  • Projected Daily Range: 18.25
  • Projected Weekly Range: 35.75
  • Projected Monthly Range: 80.25
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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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