Crude Oil, Natural Gas and Gold Market Commentary For Wednesday Morning Dec. 1st

Crude oil was higher overnight and is poised to extend the rally off last week's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If January extends the rally off last week's low, November's high crossing at 89.10 is the next upside target. Closes below the 10 day moving average crossing at 83.12 would temper the near term friendly outlook.

First resistance is Tuesday's high crossing at 85.90
Second resistance is November's high crossing at 89.10

Crude oil pivot point for Wednesday morning is 84.52

First support is the 10 day moving average crossing at 83.12
Second support is last Tuesday's low crossing at 80.28

Gold was higher overnight as it continues to rebound off the mid-November low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If December extends the rebound off the mid-November low, November's high crossing at 1424.30 is the next upside target. If December renews the decline off last month's low, the reaction low crossing at 1315.60 is the next downside target.

First resistance is the overnight high crossing at 1396.60
Second resistance is November's high crossing at 1424.30

Gold pivot point for Wednesday morning is 1,380.40

First support is the 25% retracement level of this year's rally crossing at 1330.20
Second support is the reaction low crossing at 1315.60

Natural gas was higher overnight as it consolidates some of the decline off last week's high. However, stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.

If January extends this week's decline, November's low crossing at 3.853 is the next downside target. Closes above the 10 day moving average crossing at 4.295 would temper the near term bearish outlook.

First resistance is the 10 day moving average crossing at 4.295
Second resistance is last week's high crossing at 4.515

Natural gas pivot point for Wednesday morning is 4.187

First support is Tuesday's low crossing at 4.126
Second support is November's low crossing at 3.853


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