OSB Daily Technical Analysis for October 31, 2014

Gold sold off on Thursday closing below $1200 after its failure to rally back above $1220 during intraday trading. Gold is now looking very bearish and likely to make new lows. Long term gold is very likely to visit the $1000 region. Bearish.

Silver chart significantly damaged on Thursday with a big down move making lows in the 16.30 area. Yesterday’s action suggests that Silver is now in a new down leg and is likely to target the $15.00 region. Buyers are very thin on the ground and a test or close in $16.00 region is very much a reality. Bearish.

Copper (Comex) sold off on Thursday but managed to find support at the $305 region. Resistance above at $310.00 and support below at $300. Copper is likely to trade within this range in the next several sessions.

Crude Oil sold off lightly on Thursday managing to remain within its recent range and testing the $81.00 handle for support. Crude well supported in the region for now. A close below $80.50 extends to new lows. Bearish.

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