OSB Daily Technical Analysis for November 5, 2014

Gold tried to rally on Tuesday but found resistance at the $1775 area to strong to push through and reversed to find support at $1163. Weakness in gold remains as it nears the critical $1150 area. Some bounce and consolidation in this area is likely.

 

Silver sold off and closed below $16.00 for the first time since the February 2010. Silver is on a one way market and any bounces are likely to be sold into. Bearish.

 

Copper (Comex) broke lower on Tuesday testing support at the key $300 mark yet again. Support at this level is proving significant and is likely to be tested again. Overall trend is bearish and it is a matter of time prior to breaking below this level. Further support below at $294-96.Bearish.

 

Crude Oil sold off finding support just below the $76.00 mark. The downward trajectory in Crude remains in full motion and is likely to continue. Support below at $75.00-$75.50.

 

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