OSB Daily Technical Analysis for December 10, 2014

Gold rallied on the day breaking through the $1200 with ease making a test of resistance at the $1240 area. A close above this level and more importantly $1250 resistance extends to $1280.Yesterdays rally tips the scales on the bullish side for Gold in the short/medium term for now with a likely continuation of the upswing.

Big day for Silver with broke through the 50 DMA and the $17.00 handle bringing gains in the 5% region for the day. Resistance above at $17.40-80 which if cleared extend to $18.00 over the medium term. On the downside support at $16.70.

Copper followed cue with the commodities complex and rallied on Wednesday finding resistance at $2.95. Despite yesterdays upswing Copper remains in full bearish mode and it is not until the $3.00 is passed that Copper might have some positive momentum for further upside. Longer term price action suggests bearish bias is intact.

Crude Oil hovered in the $62.20-$64.20 range throughout the day on Tuesday without much follow through for either direction. Any up move is likely constrained by resistance at the $65.00 area and negative momentum in the Crude market. A break below yesterdays lows extends to the $60.00 mark in the medium term.

Natural Gas attempt to rally proved short lived with resistance at $3.70. Tuesday’s failure to swing higher suggests that NG weakness is likely to lead prices lower with a break below yesterdays low leading to $3.50 in the short/medium term.

 

 

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