OSB Daily Technical Analysis for December 3, 2014

Gold gave away some of Mondays gains closing just beneath the $1200 mark. Support in the $1185-$1190 area for now likely to prop up price at this level as we see some consolidation. Gold still very bearish with a break below support extending into the $1140 given enough time.

 

Silver declined with bears stepping in intrepidly following the previous sessions wild swings. Support for Silver is at $16.00-20 which is holding for now. A close below extends to $15.00. Consolidation at this level is likely as buying interest appears at these levels.

 

Copper is now well and truly clear of the big $3.00 mark and looking ready to head lower. Support at the $2.85 level needs to be cleared with conviction if this down move is to manifest.

Crude oil continues to sell of and is looking weak with limited upside potential even in the short term. Any bounces are likely to be small in magnitude and terms of life. Support holding above at $65.00. A close below extends to recent lows in the $63.80 area.

Natural Gas selling of saw price remaining firmly below the $4.00 area with strong resistance just above. NG turn around from last weeks bullish run has been swift and volatile with price likely to heads towards the $3.75-80 area.

 

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