OSB Daily Technical Analysis for December 22, 2014

Gold hovered around the $1200 mark on Friday with momentum from previous days rally waning for a continuation rally. Gold still holding firmly in the general vicinity with no new buyers or sellers at this level suggesting further range bound action. A break beneath $1180-85 opens new down leg to December 1st low at $1141. 

Silver traded within a tight range on Friday doing very little in terms of price action and volume. Market appears to be looking for a push towards the 20 DMA at $16.25 a break of which extends to $16.50 area. On the downside support holds at the $15.50 area.

Copper edged higher on Friday remaining well within its range suggesting low interest from either buyers or sellers to participate in this market at the moment. A break above $2.94 opens market to a rally in the $3.00 range. On the downside resistance remains at $2.84.

Crude Oil rallied on Friday managing to push towards resistance just beneath the $60 area. A close above this level suggests a possible turn around in sentiment for Crude Oil otherwise price might be heading to a retest of recent lows in the $53.90 area.

Natural Gas broke down on Friday piercing through the $3.60 handle after numerous attempts to dip lower. This suggests that further downside is on the horizon with a potential target in the $3.00-$3.20 area in the medium term. 

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