OSB Daily Technical Analysis for September 5, 2014

Gold attempted to move higher on Thursday but got stuck in its tracks as the dollar strengthened with the correlation being too strong to ignore. Gold is looking weak and likely to go lower from here. A close below the 1250 handle is bearish and would suggest lower prices from there.

Silver is holding on to the 19.00 handle just about. The Silver bearish case was strengthened by the USD boost which works against the precious metals. A close below the 19.00 level is likely to open up the way for lower prices.

Copper (Comex) Positive day for Copper with a test of resistance at the 50DMA at 3.17. Copper remains bearish within a range. A decisive close above the 200 DMA might change our view on this but for now this market is bearish to neutral.

Crude Oil More sideways action for the Crude Oil market yesterday with a lower close. A close above 95.00 would be a positive for Crude Oil however this market remains bearish and is likely to remain so for now. A close beneath support at the 93.00-92.50 range is an opening for sellers to step in and add to existing shorts.

 

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