OSB Daily Technical Analysis for December 11, 2014

 

Gold attempt to push higher faltered as it approached the $1240 resistance area selling off in the $1220 area. Price action suggests upside momentum build-up with an effort to go higher. A break above $1240 extends to $1248-55.

Silver managed to put in another positive day with short/medium term indicators tipping in favour of the bulls. Resistance above in the $17.50 area. Consolidation and range bound action likely as market digests recent up move.

 

Copper consolidating within a tight range hovering at the $2.88-$2.94 band for now. Overall sentiment in Copper remains weak with bias to the downside.

 

Crude Oil broke down on Wednesday finally reaching the $60.00 target bringing losses in the last month to 21%. Crude likely to bounce and consolidate in this area for now however weakness suggests further downside to follow with support below at $58.50.

 

Natural Gas managed to garner some gains following the recent sell off. NG is well supported in the $3.50-60 area with further downside contained for now. On the upside resistance above at $3.80. Range bound action likely.

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