OSB Daily Technical Analysis for October 21, 2014

Gold rallied higher on Monday hitting resistance at the $1250 area. The close just beneath this price suggests a retest and possible close above in the next several sessions. A close above $1250 extends Gold back into the $1280 region. Support below is at $1220.

Silver remains in a tight consolidation and remained essentially unchanged on Monday. Market is biased to the downside and is likely to grind lower. Bearish.

Copper (Comex) Copper is now trading below the key $300 area which is now a resistance point for the metal. Copper is likely to grind lower and remain volatile with possible wild swings as bulls and bears fight it out. Bearish.

Crude Oil fell below $81.00 dollars on Monday to recover some and close at just beneath resistance at $82.00. Market likely to consolidate previous two weeks declines in this area as it looks for further direction. Bias is to the downside.

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