OSB Daily Technical Analysis – Commodities
OSB Daily Technical Analysis for September 10, 2014
Gold had another decline closing near the lows of the day and below the coveted $1250 level. This is bearish for Gold and we are likely heading to the $1240 area where there is some support. Gold is in a downtrend and is likely to continue to drift lower as the dollar strengthens.
Silver Bearish day for Silver finding support just above the $18.80 area. An area bears are looking to break below before selling or adding to existing positions. Silver is at a somewhat critical juncture at the moment.
Copper (Comex) Big bearish candle for High Grade copper on Tuesday with a close at $310.20. This bearish move suggests that any bullish scenarios are unlikely and the bears are firmly in control at the moment. Upswings are likely however most probably will be short lived.
Crude Oil tried to rally on Tuesday flirting with $94.00 only to encourage bears to step in and push price to a close of $92.75 just above the $92.50 support level. A close below this level is consistent with the longer term down trend for Crude Oil.
Natural Gas October 14 Natural Gas continued higher on Tuesday testing the $4.00 handle and closing just below. The 50 DMA is just above and on the top of the recent range of Natural Gas.
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