OSB Daily Technical Analysis for September 4, 2014

Gold traded in the 1260 area on Wednesday ending the day on a positive note after the previous days large losses. A move above 1275 and back within the recent range is likely as Gold looks for further direction.

Silver remained essentially unchanged on Wednesday forming a doji candle stick suggesting trader indecision, lack of pull in either direction and a bounce back to higher prints in the short term. Silver has found support at the 19.15 level for now. Weakness remains and lower prices are certainly possible in line with the bearish trend in Silver.

Copper (Comex) Break lower for Copper to the 3.12 handle where support was found. Indecision and weakness in prevalent in the Copper market similar to what we are seeing in the precious metals.

Crude Oil Corrective action for Crude Oil on Wednesday as it tried to regain lost ground from the previous days losses. The bearish trend remains intact but the close above 95.00 is positive for now. This is now a resistance level crude needs to digest prior to making any further gains and a close above the 96.00 handle that would add further conviction to any bullish scenario.

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