OSB Daily Technical Analysis for December 30, 2014

Gold broke below the 20 DMA on Monday closing in on the gap from the previous session. Resistance at $1200 remains strong with much pushback in the area. On the downside a break below $1170 opens new down leg potentially extending to recent lows.

 

Sell off for Silver on light volumes on the day which remains in a range bound market and continues to consolidate in the $15.50-$16.10 range. Market remains strongly bearish for now.

 

Copper edged slightly higher on the day on a volatile day which saw HG make a new yearly low. Volume remains thin as most traders are still away for the holidays hence the wild swings. Overall trend on all timeframes remains negative.

 

Crude Oil broke lower on the day making a new yearly low suggesting that we have yet o see a bottom in this market. A break beneath $52.50 ultimately extends to $50.00 with time. This price target currently looks like an inevitability. On the upside resistance in the $56.00 area likely to hold Crude back for now.

Volatile day for Natural Gas which managed to rally and break back above the $3.20 area during intraday trade after edging close to the recent low at $3.00 range. Natural Gas likely to remain volatile and biased to the downside with wild swings part of this markets normal behaviour.

 

 

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