OSB Daily Technical Analysis for September 8, 2014

Gold The December 2014 Gold contract continued trading within its range on Friday with a brief drop below the $1260 handle closing at $1267.30. Bearish with very little going on in this market to convince otherwise at least for now.

Silver came within a breath of the $19.00 for a second day on Friday. This market is bearish and a close below this level is imminent. The next significant support level is just below at 18.80 area. Bearish.

Copper (Comex) December 2014 High Grade Copper had a second positive day in a row and is just beneath the 200 DMA. Copper is bearish and remains within a range. A close above the 200 DMA might change that view but would need additional confirmation and added momentum.

Crude Oil is holding on to the $93.00 support level for now. This market is bearish and might just consolidate at this level prior to moving lower.

Natural Gas Negative day for natural gas on Friday with a close below the $3.80, a level not traded at since January 2014. This is bearish for natural gas which is likely to head lower and possibly to the $3.65 level where there is significant support.

 

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