OSB Daily Technical Analysis for November 20, 2014

Gold sold off after a brief run up above $1200 in the early session and ended the day below the 20 DMA. Support at the $1175 area remains strong however bearish pressure build-up is likely to see this violated. Gold likely to consolidate and digest prices within tight range prior to new down leg.

 

Silver trading characterised by indecisiveness and strong volatility currents essentially keeping Silver within a very tight trading range. Downward pressure is likely to take hold over the medium term as US$ continues to strengthen and work against the precious metals.

 

Positive day for Copper which managed to edge higher on the day. A close above $3.08 likely to see Copper breaking out of its recent range however unlikely this might seem at the moment. Bears not likely to let this get out of their hands anytime soon.

 

 

Crude Oil finding support at $74.00 after a brief dip below. Potentially trying to build a base at this level. A break below see a retest of recent lows opens market up for a down leg extending to $72.50.

 

New highs for Natural Gas with a very strong upswing bringing monthly gains to almost 15%. Market likely to remain very volatile as it edges higher. Profit taking is imminent with support in the $4.20-40 area likely to be tested strongly.

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