OSB Daily Technical Analysis for October 30, 2014

Gold sold off on Wednesday breaking below the key $1220 support and finding support in the $1210 area. Yesterday price action suggests downside momentum on the rise and a likely test of the $1200 support area. A close below extends to recent lows in the $1180-90 area. Bearish.

Silver sold off testing the $17.00 handle for support. A break and close below suggests that Silver is likely to test recent lows in the $16.60-80 area. Silver appears long term bearish and is likely to hit multi-year lows.

Copper (Comex) rallied above the $310 mark during intraday trading on Wednesday only to find resistance and close sell off to close at $307.75. Copper is likely to remain volatile and trade within the $300-310 range for now.

Crude Oil bulls pushed price above resistance at $82.50 during intraday trading but failed to maintain above this level only to close just below $82.00. Crude likely to continue consolidating at these levels.

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