Monday December 8: OSB Daily Technical Analysis – Commodities
OSB Daily Technical Analysis for December 8, 2014
Gold sold off yet again on Friday breaking below the $1200 level and the 20 and 50 DMA’s. The area remains volatile with gold likely to trade in the general vicinity bouncing back and forth in the $1180-$1210 area. Overall trend remains strongly biased to the downside.
Silver lost almost 2% on Friday and broke below the 20 DMA as it appears to be entering consolidation and a range bound phase oscillating in the $16.50-$15.90 band. Silver well supported beneath $16.00 and likely to bounce around here for sometime as it gather momentum for next down leg. A clean break beneath extends to $15.35.
Copper attempt to rally faltered at $2.94 resistance before selling off to support at $2.90. Copper is in consolidation without much clear conviction about direction to either side for now. Bias to the downside. A close below $2.84 opens new down leg to recent lows.
Crude Oil found support at $65.00 on Friday as it continues its downward trajectory. Weakness suggests further downside with no signs of a bottom in the market yet. A break below recent lows extends to the $60.00 level which appears to be Crude Oils destination for now.
Natural Gas rallied on Friday making a strong push towards the $4.00 area which is strongly resistive for NG. Momentum build-up needed to get above this area with conviction. NG remains massively volatile.
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