Crude Oil, Natural Gas and Gold Market Commentary For Thursday Morning Dec. 2nd

Crude oil was slightly lower due to profit taking overnight as it consolidates some of 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 83.82 would temper the near term friendly outlook.

First resistance is the overnight high crossing at 87.10
Second resistance is November's high crossing at 89.10

Crude oil pivot point for Thursday morning is 85.78

First support is the 20 day moving average crossing at 84.95
Second support is the 10 day moving average crossing at 83.82

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

If January renews 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 4.312 would temper the near term bearish outlook.

First resistance is the 10 day moving average crossing at 4.312
Second resistance is last week's high crossing at 4.515

Natural gas pivot point for Thursday morning is 4.252

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


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. Closes below the 10 day moving average crossing at 1370.40 would confirm that a short term top has been posted.

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

Gold pivot point for Thursday morning is 1,389.90

First support is the 10 day moving average crossing at 1370.40
Second support is the 25% retracement level of this year's rally crossing at 1330.20


Get 4 FREE Trading Videos from INO TV!

Share