Oil finds support, moves toward target $97.71

Daily Market Analysis (SHORT TERM) Monday 09/10/12

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 – 1765.60.
  • Bullish EROVB (Extended Range) generated on Friday making new highs on the current move @ 1745.40. Upside Target over 140% achieved.
  • December Gold exploded higher once again on Friday after a dismal NFP report prompted investors to flock into the precious metal as a hedge against the assumed inflation that will occur with the addition of more QE expected.
  • Although gold has made a $150/oz. move in the last 3 ½ weeks, this rally should continue on into the foreseeable future and take this market as high as $1,809.10/oz. should the FOMC announce further QE as expected.
  • Projected Daily Range: 28.70
  • Projected Weekly Range: 57.30
  • 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 – 1.2797.
  • Bullish ERVB (Extended Range Vertical Bar) generated on Friday making new highs on current move @ 1.2820. Upside Target over 120% achieved.
  • The September Euro FX extended its recent gains on Friday to trade just through our Q3 upside objective of 1.2797 and close outside the daily Resistance Bollinger Band on its way to new 15-week highs.
  • Expect a minor retracement back lower to begin Monday trading before regaining any momentum on the heels of the ECB’s unlimited bond buying program which is viewed by some as taking away tail-risk in the market and could continue to drive the Euro higher.
  • Projected Daily Range: .0136
  • Projected Weekly Range: .0262
  • 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.
  • New highs made on current move Friday @ 1438.75. Upside Target = 1460.50.
  • The September S&P’s traded within a very narrow range on Friday after Thursday’s explosion higher as the market viewed the terrible NFP report as adding fuel to the fire in terms of the hype around more QE.
  • Look for the market to remain mostly stagnant on Monday through Wednesday ahead of another jobless claim number and the FOMC forecast which should dictate market direction for the coming months.
  • Projected Daily Range: 16.00
  • Projected Weekly Range: 31.50
  • 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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