Oil faces technical resistance, could drop to $83

Daily Market Analysis (SHORT TERM) Friday 11/02/12

METALS

COMEX Gold (December):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 10/26/12 @ 1719.00. Confirmation of a bottom with a close violation on 10/31/12 @ 1719.10. Upside Targets = 1744.00 – 1775.60.
  • New high made on current move Thursday @ 1711.70.
  • December Gold settled back lower on Thursday as the market was unable to break through last week’s high while closing just off the day’s low and below the current mid-range of the week.
  • Unless gold can find support tomorrow and rally to close above $1,720, this market may face some ST pressure and challenge the current Q4 low $1,698.70.
  • Projected Daily Range: 17.60
  • Projected Weekly Range: 44.90
  • Projected Monthly Range: 95.30

CURRENCIES

Euro FX (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 10/30/12 @ 1.2963. Confirmation of a bottom with a close violation on 10/30/12 @ 1.2969. Upside Targets = 1.3080 – 1.3108.
  • VRCB generated on Thursday. Possible confirmation of a top with a range violation @ 1.2929. Possible confirmation of a top with a close @ 1.2929.
  • The December Euro FX wasn’t able to crack the 1.30 market on Thursday before dropping lower in another tight trading range, generating its second VRCB patter this week.
  • Look for another “boring” Friday for the euro as is remains in a stalemate trading pattern and should most likely try and crack 1.29 and close flat on the week.
  • Projected Daily Range: .0077
  • Projected Weekly Range: .0218
  • Projected Monthly Range: .0600

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/01/12 @ 1418.50 Confirmation of a bottom with a close violation on 11/01/12 @ 1423.25. Upside Targets = 1439.25 – 1448.25.
  • Bullish OVB generated on Thursday. Confirmation of a bottom with a range violation @ 1418.50. Confirmation of a bottom with a close violation @ 1423.25.
  • The December S&Ps moved sharply higher on Thursday because of better than expected jobs reports as well as other economic data after taking a beating over the past two weeks to close at its highest level in eight sessions.
  • Friday should reveal a modest setback just below 1420 and then a resumption of the rally that has unfolded over the past few sessions to bring the market to its weekly upside objective of 1432.75.
  • Projected Daily Range: 21.25
  • Projected Weekly Range: 39.75
  • Projected Monthly Range: 74.50
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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