OSB Daily Technical Analysis for September 18, 2014

Gold Wide swing in the Dec14 Gold contract as bulls and bears fought it out. $1240 level is now resistance and support at the $1220 area. Gold is now below it recent consolidation range and close below $1220 makes $1200 very much a possibility. Bears have the upper hand here.

Silver Dec 14 Silver tested resistance at $18.80 and headed lower intraday finding support at $18.40. Market is bearish and recent weakness suggests we are heading lower.

Copper (Comex) Consolidation day and close lower for Dec 14 Copper with a close below the 20 DMA. More consolidation and sideways action most likely.

Crude Oil Retest of the $94.00 handle and a close below the $93.50 support level for November 14 Crude Oil contract. Downward drift likely as sustained upward momentum does not appear to be present in this market.

Natural Gas Close at the $4.00 level and just above the 50 DMA for NG on Wednesday. This is bullish for Natural Gas. A close above key resistance levels at $4.10-12 is likely to extend to higher prints. Support at $3.80-90.

 

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