OSB Daily Technical Analysis for October 16, 2014

Gold break out above $1240 on Wednesday finding resistance at $1250. Gold is likely to attempt a rally from here possibly to the $1275 level in the medium term. Higher volatility expected with a possible retest of the $1230 area.

Silver High volatility and consolidation for Silver on Wednesday. Strong resistance above in the $17.80-$18.00 area. Further consolidation and range bound activity likely.

Copper (Comex) remains range bound and continues to test the key $300 area. Wednesday’s sell off suggests Copper does not currently have the strength to push higher and is more likely to head lower once it breaks below the $300 mark. Bearish.

Crude Oil sold off and broke below the $80.00 mark making two year lows. Price action suggests weakness and lower prices imminent in Crude with very little momentum for the upside. Bearish.

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