OSB Daily Technical Analysis for September 26, 2014

Gold New intraday low for DEC 14 Gold at 1206. Gold is looking to form a base just above $1200 but ultimately is likely to break below and head lower in the mid-term. Bearish.

Silver continued to sell off on Thursday and hit a new 52 week low. This is bearish and suggests lower prices are an almost certainty. Ultra bearish.

Copper (Comex) Copper flirt with key $300 level on Thursday. A close below is likely to initiate a further sell-off to the mid $290’s. Bearish.

Crude Oil Crude tried to move higher on Thursday only to find resistance at the 50 DMA. Range bound action likely to continue. US Dollar strength weighing crude prices down for now with bias to the downside.

Natural Gas Buying pressure in Natural Gas pushed price above the 20 DMA. Strong support at the $3.80 level. Resistance above at 4.044 which happens to be the 50 DMA. Neutral.

 

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