OSB Daily Technical Analysis for September 12, 2014

Gold closed at $1239 and opened the way for a further downswing. Some consolidation likely, support at $1227. $1200 is looking realistic following recent action. Bearish.

Silver close below $18.80 is significant and suggest prices are only heading south from here. New lows likely with dollar strength adding to downside pressure. Bearish.

Copper (Comex) Significant Copper downswing and a test of low $300’s. Support in the $305 area likely to be retested. Bearish with down move and close below $300 very much a possibility.

Crude Oil found support at the $90.40 area with buyers stepping in to take control and push prices higher to close just below $93.00. Crude consolidation and higher prices likely. Resistance above at $93.70 and 20DMA need to be cleared for further upswing.

Natural Gas sliced through the 20DMA eroding gains from the previous days’ sessions and found support at $3.80. Strong support at $3.70 and a close below this level opens way to further downside.

 

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