OSB Daily Technical Analysis for October 10, 2014

Gold rallied intraday on Thursday and managed to get back above the 20 DMA. The bounce is rather natural following recent test of support below at $1200. Resistance above in the $1240 area is strong and needs to be cleared if gold’s rally is to hold. Otherwise bias remains to the bears.

Silver attempt to rally faltered with the metal closing essentially unchanged from the previous day. Strong resistance above at $17.60-80 area. Yesterday’s action proves bearish sentiment in silver is just and likely to continue downside pressure.

Copper continues to test key $300 support area. More consolidation and bounce around in this area, ultimately heading lower.

Crude oil sold-off dropping below the $85.00 handle making new lows and hitting prices last seen in June 2012. Some bounce is likely but ultimately Crude Oil is looking very weak and heading for lower prints. Support below in the $82.50 area.

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