OSB Daily Technical Analysis for October 9, 2014

Gold bounce back continued on Wednesday with a close above $1220. Momentum build-up suggests a short term target of $1235-$1240 prior to meeting any resistance liable to push price back down. A close above this area puts the bulls back into play. Neutral.

Silver pushed higher and managed to remain above the $17.00 mark. The silver market does not appear to have any momentum at the moment for either direction and is likely to bounce around at these levels. Resistance above at $17.65 area.

Copper (Comex) continues to test the $300 mark with the bulls and bears fighting it out. Wednesday’s action suggests some bounce back at least to $305.00 area. Further resistance above at $308-10 area.

Crude oil sold off some more on Wednesday finding support at the $87.00 handle. Crude Oil appears oversold an in line for a bounce back possibly to $90 resistance area. Bearish bias intact.

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