OSB Daily Technical Analysis for September 3, 2014

Gold – Gold broke down on Tuesday with a close below its short term range and support at 1275. With that in mind Gold looks like it is heading lower as weakness remains. Any bounce back is most probably going to see gold continuing within the range we have seen recently. Neutral with a bearish watch.

Silver – Silver broke through the 19.30 support level yesterday only to manage to stay above 19.00 which is another significant support level. A close below this level will most likely lead to the 18.80-50 mark. Bearish.

Copper (Comex) – Copper remained within its range on Tuesday without much appetite to more in either direction. This is probably going to continue in the near term as trader indecision remains. Neutral

Crude Oil – Crude Oil collapse on Tuesday with big losses over the day only to close at the support level of 93.30. This area appears supportive however is likely to be violated as yesterday’s break down indicates lower prices are imminent. A close below 92.50 would confirm our view on this. Bearish

 

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