Friday December 5: OSB Daily Technical Analysis – Commodities 

OSB Daily Technical Analysis for December 5, 2014

Gold traded within a tight range on Thursday consolidating recent price action and remaining above the $1200 mark throughout the day. Shorter term Gold appears to be in a tight range with a slant to the downside. A break below $1200 extends to $1190-92.

Silver managed to end the day with a 1% gain following a relatively quiet day. More sideways action and further consolidation likely for Silver. Strong support below at $16.

Copper rallied on the day finding resistance in the $2.90-94 area. Sideways action for copper likely as per other commodities at the moment.

Crude Oil sold off on Thursday as sources from Saudi Arabia expect Crude to stabilize in the $60 range. Technically the Crude Oil chart is very weak with support at $65.50 and further below in the $64.00. Limited upside potential with bounces being sold into.

Natural Gas sold off closing into the lows of the day making new monthly lows. NG reversal of fortunes and rapid sell-off in the past two weeks suggests further downside in the short term. Resistance above at $4.00 with support below at $3.50.

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