OSB Daily Technical Analysis for October 20, 2014

Gold closed essentially unchanged after testing resistance at the $1240 area on Friday which proved to be too strong to hold above. This suggests gold is likely to consolidate at this level and drift lower. Market remains news driven and strongly affected by outcomes in the US dollar.

Silver fell on Friday finding support at $17.20 and remains in a range bound, consolidation phase. Market remains biased to the downside and likely to continue grinding that way. Bearish.

Copper (Comex) Positive day for Copper on Friday as it managed to close at the key $300 mark. Copper is fighting to stay above this key level. Friday’s action suggests a short term base might have formed at the $295 area. Resistance at $300 is strong and a clear close above this area is needed for the metal to push any higher.

Crude Oil attempt to rally faltered as resistance in the $83.80-$84.00 area currently too strong. Crude closed essentially unchanged for the day after finding support in the $81.60 region. Crud remains bearish with upswing likely to be short lived.

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