OSB Daily Technical Analysis for November 4, 2014

Gold continued its downswing finding support at $1160 before bouncing back to close at $1165.00. Gold appears somewhat oversold at the moment and is likely to bounce possibly into the $1180 area. Overall bearish bias remains intact. A close below $1150 opens the way to the $1100 mark.

Silver sold off in early trading but found support at $15.70 and turned back to close at $16.10. Silver is significantly bearish and heading lower in the medium/longer term. Buyers are thin on the ground and likely to be faded by the bears who are now in full command of the Silver market.

Copper (Comex) sold off during intraday trading on Monday finding support at $302.00 before rallying back above the 20 DMA and closing at $306.20. Copper likely to continue trading within the current range. Bearish bias intact.

Crude Oil closed below the $80 mark on Monday signifying lower prices on the horizon. Support is at $77.50 and further below at $76.20 which are likely to be tested in the next several sessions. Bearish.

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