OSB Daily Technical Analysis for December 15, 2014

Gold declined on Friday while trading within a tight trading range on the day. Consolidation and range bound action likely to continue in the $1235-$1200 band for now. Market looks to trade sideways as indecisiveness about true direction is high at the moment.

Market traded in a tight range on the day managing to remain above $17.00. Market appears to be out of upside momentum and sellers also on the side-lines for now suggesting sideways action. Strong resistance above in the $17.50-$18.00 area. On the downside a break below $17.00 extends to $16.00.

HG Copper remains within its trading range testing the 20 DMA on Friday. Copper remains in bearish market as a result of weakness in the global economy, China and the strong dollar. Longer term this market is a sell only market.

 

Crude Oil now well and clear below the $60 mark which is now resistance for this market. New lows suggest further downside in this market with a likely target in the short term at $55.00. Bulls thin on the ground as supply remains unconstrained by OPEC. Sell only market.

Natural Gas rallied on Friday breaking above the $3.80 level. NG is in consolidation phase trading within the $3.60-$3.80 range for now. Volatility likely to remain high with little sustainable direction in Natural Gas as the energies continue to take a beating.

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