OSB Daily Technical Analysis for November 3, 2014

Gold bears had a field day on Friday as the precious metal fell off a cliff and landed at the $1160 mark only to bounce back and close at $1172. The gold chart is significantly damaged and suggests more downside. Support at $1150-60. A close below extends to $1100 which is very much the next target price for gold. Bearish.

Silver has resumed its downward trajectory after spending some time on no mans land in the $17.00 region. Fridays decline extends next down leg into the $15.00 area. Silver is a one way market and irrespective of any bounces this market is heading lower. Bearish.

Copper (Comex) tried to rally on Friday but found resistance at the $309 mark. Copper is looking for direction in this area. A close above $310 extends price up to the $313-15 area. Likewise a close below $302 is likely to see the red metal testing $300 again.

Crude Oil dipped below the $80.00 support level on Friday as it continues to test support and build a bottom at this level. A close below is likely to see crude break down into the $78.20 area. Bearish.

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