OSB Daily Technical Analysis for December 19, 2014

Gold continues to consolidate hovering about the $1200 level. Momentum for either side remains subdued at the moment with little interest both from buyers and sellers. Range bound action likely to continue as markets quieten down for holidays next week.

 

Silver broke above the $16.00 handle on Thursday but failed to hold onto this and closed just beneath. Consolidation and range bound action in Silver as traders sign off for the xmas festivities.

 

Quiet day for Copper which gave back 52 basis points on the day. Copper consolidation remains in full swing with little direction and action for now. Overall neutral stance with bias to the downside.

 

Crude sold off yet again after trying to rally where it found strong resistance at $58. Upside potential at this level is limited however further downside much beneath the $53-$55 area is also unlikely at the moment due to the recent rapid losses. Some consolidation and range bound activity within this range is most likely scenario.

 

Natural Gas tried to rally but found resistance close to the $3.80 level too strong pushing back to support in the $3.60 level. Further range bound action most likely for NG at the moment.

 

 

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