OSB Daily Technical Analysis for January 2, 2015

Gold sold off on Wednesday after testing the $1200 handle which is yet again proving too resistive. Gold in consolidation looking for further direction with little impetus for either side. Medium to longer term bearish bias remains.

Silver sold off rather heavily on Wednesday giving away all the gains from the previous session. Light trading volume and the fact that most traders are away allows such swings to occur with more ease. Overall bearish trends remains.

Copper continues in consolidation mode within its recent tight range. Low volume and little interest from traders to initiate any new positions characterised Wednesday session.

Crude Oil made a new low on Wednesday breaking beneath $52.50 signalling further downside for Crude with next target at $50. Market appears oversold at these levels and some rebound in to resistance at $54-$55 area likely.

Natural Gas broke down significantly on Wednesday slicing through the $3.00 level on the day finding support at $2.90. Further support beneath at $2.80, a break of which extends to $2.50 area. High volatility with wild daily swings to be expected.

 

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