OSB Daily Technical Analysis for December 24, 2014

Gold went back and forth on day without showing much decisiveness for either direction. The close below $1180 suggest short term bias remains on the downside with US$ strength weighing against Gold. A revist of $1140 very likely as weakness remains dominant theme in Gold.

Silver in consolidation phase with little action on the day from the bulls or bears. A break below $15.50 opens new down leg with target at $15.00. On the upside resistance at $15.90-$16.00.

 

Copper in consolidation phase with light trade as we enter the xmas shutdown. Resistance above at $2.90 remains significant with buy in from bulls to push higher. On the downside it is not until we break below $2.84 that we open a new down leg.

 

Crude Oil pushed higher on the day finding resistance at the $57.50 area too strong to break through. A close above $58.00 extends to $60.00 which appears very resistive for now. On the downside Crude is finding support in the $55.00 area. Further support beneath at $54.00..

 

Natural Gas bounced slightly on the day after the recent sharp sell off. Upswings in NG likely to be short lived with bears seeing these as opportunities to add to their shorts. Support at the $3.10-$3.15. A break below extends to $3.00.

 

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

 

---