Friday November 21: OSB Daily Technical Analysis – Commodities 

OSB Daily Technical Analysis for November 21, 2014

Gold declined in the early session only to bounce back and make a push for the $1200 mark only to fall short by a few points. Gold appears to ready to push higher at least on the medium term and likely to continue testing the $1200 for a break above.

Silver closed lower on modest trading and managed to stay above the $16.00 handle. Tight range bound trading is likely to continue as there is little interest for traders to participate in size in the Silver market at the moment. A clean break below $15.80 is needed for the market to enter a new down leg.

More range bound action in Copper which is essentially a very bearish market but remains propped up above the $3.00 mark which is now a strong base for the red metal. Copper is an untradeable market for now and does not looking to be going anywhere. Hands off market until the market break below $2.90.

Crude bounce from support at the $74.00 support area suggesting the market might be ready to push higher at least into the $77.50 area in the short term. This is likely to be seen as a selling opportunity for crude oil bears.

Natural Gas rallied on Thursday making a new monthly high closing at an almost 3% gain on the day. Volatility remains very high and is likely to remain so as long as NG remains in the current upward trajectory. A break and close above $4.80 needed to start threatening the $5.00 area which is massively resistant.

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