OSB Daily Technical Analysis for December 2, 2014

Highly volatile trading session for Gold which had a $79.00 swing intraday on Monday. Gold appears well supported in the $1140-50 area for now and does not appear ready to go lower. On the upside a close above $1225 extends to $1250 key resistance level. Some consolidation and range bound action likely following Mondays session.

Silver trading session on Monday very much like riding a bucking bronco with wild swings with the futures contract travelling $17300 within the trading session. Yesterdays session suggests Silver is likely to attempt a push towards $17.00 after it digests yesterdays wild move.

Copper managed to put in a respectable 2% gain on Monday following a test of support in the $2.75 area. Bearish bias remains strong with Copper likely to edge lower after consolidating recent price action. Resistance now in the $2.90-95 area. A close above sees a retest of $3.00.

Crude rallied after a sell off in the early session and dip below $64. Crude strongly supported in the $60-$65 price range. Resistance above at $70-$72. A rebound from here extends price back into the $75 range. Bearish, downside bias remains dominant theme in crude oil for now.

Natural Gas dipped below $4.00 after gapping lower on the open. NG volatility remains exceptionally high with a strong downside bias. Support further below at $3.75-80 a break of which extends to $3.50 in the short term. On the upside a close back resistance is in the $4.10-50 area.

 

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