Natural gas tries to end slippage with support at $3.50

Daily Market Analysis (SHORT TERM) Tuesday 11/06/12

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 Monday @ 1672.50.
  • December Gold moved lower initially on Monday before rallying a shade higher in a tight trading session following last Friday’s dramatic decline lower.
  • Like other risk assets, look for trading on Tuesday to be quiet as the market should trade between $1,680 - $1,700.
  • Projected Daily Range: 23.30
  • 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.
  • New lows made on current move Monday @ 1.2772.
  • The December Euro FX followed through on Monday’s projection that the market would crack the October lows as it neared new two-month trading lows and traders looked to Greece’s vote on additional austerity measures with skepticism.
  • Look for the euro to continue lower toward the initial downside target of 1.2735 and possibly extend these losses should the US presidential election remain hanging in the balance.
  • 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.
  • Possible confirmation of a top with a range violation @ 1402.25. Possible confirmation of a top with a close @ 1402.25 or lower.
  • The December S&Ps gapped lower on the open in overnight trading Monday but were able to log a modest gain in a day full of back and forth trading ahead of Tuesday’s big election.
  • Look for the market to open steady and trade in a tight range throughout most of the session with the resistance clearly pegged just shy of 1420.
  • Projected Daily Range: 19.25
  • Projected Weekly Range: 40.25
  • Projected Monthly Range: 76.25
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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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