Thursday December 4: OSB Daily Technical Analysis – Commodities 

OSB Daily Technical Analysis for December 4, 2014

Positive day for Gold with a strong push towards $1220 level finding resistance beneath at $1215. Gold likely to bounce around in the general vicinity as it looks for further direction. A break beneath $1200 is supported at $1185-90 area.

Minimal move for Silver which went back and forth during the day giving back 27 basis points. Consolidation and range bound action after wild swings in the previous sessions. Support below at $16.30-00. Strong sell.

Copper trading within the $2.80-$3.00 consolidating recent moves as volatility compresses in the overall commodities markets. Resistance above at $2.90-94. On the downside support at $.2.80-85 area.

Crude Oil gained 75 basis point on the day supported by data showing US inventories decline despite OPEC keeping a free reign on supply. Resistance above at the $70 handle needs to be cleared if this upswing is to continue. On the downside support in the $66.50-00 area.

Natural Gas sold off continuing its down leg making a new 1 month low pushed down by warm weather forecasts for the following month. Support below at $3.70-75 a break below extends to $3.50 in the short term as weather continues to determine further direction in the gas market.

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