OSB Daily Technical Analysis for October 24, 2014

Gold sold off after attempting to rally above the $1250 mark which proved too resistive for now. The sell-off brings gold to the $1225-30 area which is somewhat supportive for now. A close below $1225 suggests more downside is likely with a test of the $1200 area possible.

Silver Consolidation day for Silver which managed to etch up some gains. Support below is at $17.00. Further consolidation and range bound action likely. Bearish bias.

Copper (Comex) rallied distancing itself from the key $300 mark. Resistance at $305 push back the metal however it managed to close positive for the day. Bearish bias intact with a wait and see approach at this level.

Crude Oil remains well supported at $80.00. Thursdays rally met resistance at the $82.50. A close above extends to $83.30-50. Crude likely to consolidate in current region.

 

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