OSB Daily Technical Analysis for November 24, 2014

Gold rallied through the $1200 mark on Friday only to entice sellers to step in and sell the precious metal back below this key level. Support below in the $1185-$1190 area. Gold remains strongly bearish.

 

Silver broke above the 20 DMA on Friday testing resistance in the $16.60 area. Silver likely to consolidate in the $15.90-16.60 area as it looks to push higher in the short term. Longer term bearish bias remains intact.

 

Copper broke above the $3.00 mark clearing key resistance points on an intraday level. The close above this area suggests copper likely to make an attempt to push higher however recent range bound action and longer term bearish bias do not allow much upside optimism.

 

Crude rallied on Friday breaking through the $77.00 barrier and making a push toward $78. Resistance at this level is significant and likely to hold crude back at least for now. A close above $78.00 extends to $80. Support below in the $75.40-60 band.

 

Natural Gas sold off significantly on Friday after attempting to make a push above the $4.70 area which proved too resistive. Very high volatility and violent swings make NG a dangerous trade. Support below at $4.40-20 area.

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