OSB Daily Technical Analysis for September 11, 2014

Gold Another down day for Dec 14 Gold with a close above $1245. Gold is now at the bottom of its recent trading range and is likely to bounce around in this area test the $1240 support level. A close below $1240 opens up the way for a new down leg possibly to $1215-$1220.

Silver had a negative day on Wednesday but is at a strong support level, $18.80 and holding on for now. A close below allows continuation of the recent downtrend.

Copper (Comex) Consolidation for Dec 14 HG Copper following the huge down day on Tuesday. Copper is bearish and is very likely to lower and even test the big round $300 handle in the near term. Also looking slightly oversold at the moment.

Crude Oil broke through the $92 barrier without finding any significant support on its way down. Crude is looking weak and is very likely heading towards $90.00. A close below support at the $91.50 area would be convincing of this scenario.

Natural Gas had a small correction on Wednesday following the strong up swing earlier in the week. The $4.00 resistance level remains intact and NG is likely to remain range bound for now.

 

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