OSB Daily Technical Analysis for October 29, 2014

Gold Positive close for gold which briefly flirted with $1220 support during intraday trading. Gold looks well supported in this area and is likely to bounce around in the $1220-$1235 region until it finds further direction.

Silver briefly rallied and tried to get above the 20 DMA at $17.30 but failed to keep the momentum and sold off to close at $17.165. Tight trading range and very little opportunity in the way of trading this market.

Copper (Comex) rallied managing to close above the 50 DMA and test resistance close to the $310 area. A close above extends to the $312-$315 region. Upside momentum appears to be picking up with the metal likely to distance itself even further from the critical $300 mark.

Crude Oil continues to consolidate in the $80 region and managed to close positive for the day on Tuesday. Looking for a close above $82.50-$83.00 in order to gather any upside momentum.

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