OSB Daily Technical Analysis for December 9, 2014

Positive day for gold which managed to back above the 20 DMA and push over the $1200 hurdle. Despite upswing gold failed to remain above on the close suggesting that area remains strongly resistive. Gold likely to consolidate and trade sideways for now. Bias for downside with consolidation to follow.

 

Silver edged higher on the day with very little trading action. Market in consolidation, range bound mode and likely to drift sideways for sometime. Strong bearish bias.

Copper bouncing around the $2.94-2.88 band as it consolidates in the area. A break below finds support in the $2.84 area. On a longer term range Copper likely to revisit recent lows as weakness remains prevalent.

Bearish day for Crude Oil which lost +4% on Monday hitting a new low on the day suggesting we have not yet hit a bottom in the Crude market. A break lower to $60 appears imminent and is now almost a self fulfilling prophecy after the Saudi Arabia quote of this level for Crude.

 

NG continues to get hammered grinding lower and making a new low on Monday. A break below $3.60 extends price into the $3.00 range. Increase in volatility is to be expected as NG heads lower. Any upside likely to be short lived as energy complex in somewhat bearish mode at the moment.

 

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---