OSB Daily Technical Analysis for December 23, 2014

Gold broke down on Monday breaking below the $1180 support figure with support holding at $1170. Yesterdays action signals Gold is ready to go lower with a possible test of recent lows at $1141. Bearish with further downside coming.

 

Silver market fell throughout the day with support holding at $15.50 for now. Weakness in Silver with lack of any strong buying interest suggests a drift lower from here with a test of $15.00 support figure likely.

 

Copper tried to rally on the day but failed to break above $2.90 suggesting that this resistance area is likely to hold HG back for now. More range bound action and consolidation for Copper in the next several sessions is likely.

 

Crude Oil fell through back to the $55.00 handle on Monday which is a well supported area with further significant support at the $54 area. A break of support here signals a further breakdown of Crude Oil with the next target being $50.00. On the upside resistance at $58.00.

 

Natural Gas gapped down on the open and broke lower from there. New down leg likely to extend to a test of the $3.00 handle which is the next strong support area. Volatility likely to be significant as we head lower with spikes to either to be expected.

 

 

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