Oil selling intensifies, targets $78

Daily Market Analysis (SHORT TERM) Monday 11/05/12

METALS

COMEX Gold (December):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 11/02/12 @ 1698.60. Confirmation of a top with a close violation on 11/02/12 @ 1698.60. Downside Targets = 1653.70 – 1642.60
  • New lows made on current move @ 1674.90.
  • December Gold dropped sharply lower on Friday as a systemic “risk-off” day across the commodity space helped to push the precious metal to its lowest level since the announcement of QE3.
  • Gold may extend its current declines for another week or so as it retraces lower to the previous level of resistance at $1,642.40 that may now help to support the market.
  • Projected Daily Range: 24.30
  • Projected Weekly Range: 41.60
  • Projected Monthly Range: 103.60

CURRENCIES

Euro FX (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 11/02/12 @ 1.2929. Confirmation of a top with a close violation on 11/02/12 @ 1.2886. Downside Targets = 1.2735 – 1.2676.
  • The December Euro FX dropped to its lowest level in nearly a month on Friday as the market bucks the trend of generating quiet trading days with risk assets selling off as global economic uncertainty lingers ahead of the US Presidential election.
  • After having impacted the daily Support Bollinger Band, look for the euro to make an initial push higher on Monday before eventually breaking through the October lows at 1.2813.
  • Projected Daily Range: .0088
  • Projected Weekly Range: .0218
  • Projected Monthly Range: .0501

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.
  • The December S&Ps dropped significantly lower on Friday after trading to within just five ticks of the three-week average range objective to close on the session’s low as our daily Stochastic indicator continues to decline lower pointing towards a lower Monday.
  • The S&Ps should see a modest pop higher in early trading on Monday in what should be a very erratic trading week with the US Presidential Election and other key economic indicators due out.
  • Projected Daily Range: 23.50
  • Projected Weekly Range: 40.25
  • Projected Monthly Range: 76.25
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.

Comments
comments powered by Disqus