OSB Daily Technical Analysis for October 8, 2014

Gold managed to edge higher on Tuesday with an attempt to distance itself from key support area at $1200. Resistance at $1220. Gold likely to bounce higher as it looks for further direction. Somewhat neutral.

Silver tried to rally but faltered and closed lower on the day. Bearish sentiment remains strong in the metal which is likely to consolidate at this level. Support at $17.00. Resistance at $17.45.

Copper (Comex) Copper consolidation day with a negative close on the day. Resistance above at $305. Strong support at $300 which is likely to be retested soon. Bearish.

Crude Oil sold off sharply on Tuesday slicing through support and key levels at $89.00 making a 52 week low. Crude likely to head lower and in now in full bearish mode.

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---