OSB Daily Technical Analysis for October 1, 2014

Gold testing the $1200 area making lows at $1204 on Tuesday and finding support in this area for now. US Dollar strength weighing against the precious metal. Resistance above at $1215-20 area.

Silver break and close below $17.00 suggests much lower prices are in store possibly to the tune of $15.00 in the medium term. Any bounce and upswing is likely to be short lived as silver weakness dominates price action. Bearish.

Copper (Comex) Copper slipped lower and is currently hovering in the $300 area. A break below is a question of time now. Support further below at the $295.00 area. Resistance at $305-307. Bearish.

Crude Oil Intraday day rally and test of resistance at the $95.00 area only to fall short and reverse to close the day lower and find support at 90.80. Volatility and range bound action most likely in the next few sessions as crude looks for direction.

 

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