Oil regains losses on Middle East tensions

Daily Market Analysis (SHORT TERM) Friday 10/05/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 09/28/12 @ 1783.00. Confirmation of a bottom with a close violation on 10/01/12 @ 1790.10. Upside Targets = 1824.00 – 1829.50.
  • New highs made on current move Thursday @ 1797.70. Upside Target 70% achieved.
  • December Gold generated new 2012 highs on Thursday after stopping just shy of the $1800 threshold as bullish momentum picked back up for the first time in a week.
  • Look for gold to finally crack the $1800 level for the first time in 2012 as it works towards the Short Term targets initially followed by the year end projections of $2000+/oz. gold.
  • Projected Daily Range: 20.30
  • Projected Weekly Range: 48.20
  • Projected Monthly Range: 95.30

CURRENCIES

Euro FX (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 10/04/12 @ 1.2980. Confirmation of a bottom with a close violation on 10/04/12 @ 1.3028. Upside Targets = 1.3198 – 1.3301
  • The December Euro FX moved sharply higher for its best single day gain in almost 3 weeks as ECB President Draghi reiterated the stance that the euro is “irreversible” and helped push the currency to its highest close in over 2 weeks.
  • Look for continued momentum in the FX currency as it breaks through the Q3 highs and tracks down extended Intermediate Term upside objectives.
  • Projected Daily Range: .0091
  • Projected Weekly Range: .0269
  • Projected Monthly Range: .0600

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 10/01/12 @ 1444.75. Confirmation of a bottom with a close violation on 10/03/12 @ 1444.75. Upside Targets = 1465.00 – 1481.25
  • New highs made on current move Thursday @ 1457.75.
  • The December S&P’s followed through with near precision on Thursday morning’s projection that this market would trade up to 1457 with a strong Romney showing and traded just 3 ticks through the price on Thursday.
  • Expect the S&P’s to continue higher on Friday as the market targets the initial upside objective of 1465.
  • Projected Daily Range: 13.50
  • Projected Weekly Range: 36.25
  • Projected Monthly Range: 74.50
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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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