Monday October 27: OSB Daily Technical Analysis- Commodities
OSB Daily Technical Analysis for October 27, 2014
Gold closed essentially unchanged on Friday hovering around the $1230 level throughout the trading session. Market remains bearish and close in the $1220-25 region suggests Gold is likely to retest the $1200 area again. Upside strength appears limited for now. A closed back above $1240 changes that view.
Silver remains in a very tight trading range essentially trading within a $0.30-50c range. Market is likely to continue to consolidate above $17.00 and eventually drift lower.
Copper (Comex) managed to climb above the 20 DMA at $303.00 on Friday. Copper remains within a trading range of $298-305 for now and is likely to trade in this area in the next couple of sessions.
Crude Oil appears to have developed a bottom at $80.00 which it tested again on Friday and closed lower from the previous days session. Consolidation and further downside for crude likely.
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