OSB Daily Technical Analysis for December 1, 2014

Gold broke down on Friday finding support in the $1165 area. Gold market is currently very noisy and volatile taking into consideration the Swiss referendum and the US$ strength. Market likely to remain volatile all the way down to $1140 area which is strongly supported. A break below this level extends to new lows.

Silver was highly volatile on Friday giving away 6%+ on the day bringing price into the $15.50 area. A close below extends to the $15 level which is critical for Silver. High volatility with strong downside bias remain the dominant theme in this market.

High Grade Copper finally softened up and gave way after breaking below the $3.00 in recent trading sessions. Copper now likely to bounce around in this area as it consolidates recent losses and possibly make attempts to rally towards resistance in the $2.90-92 area.

Major down day from Crude Oil on Friday which lost 10%+. Friday’s price action confirms that the trend can not be clearer with prices heading south from here without much question. Any short term bounces are likely to be seen as great selling opportunities. Support below in the $63 area which does not currently appear very hopeful.

Natural Gas sold off hard on Friday following suit from Crude Oil. NG currently finding support near the $4.00 area which is likely to cause a bounce and some volatility expansion as it approaches this level. Market highly volatile and dangerous to trade.

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