OSB Daily Technical Analysis for November 6, 2014

Gold sold off and continued its downward trajectory. The break and close below the $1150 mark suggests that gold is head lower in the mid-term with $1100 being a very realistic target. Any bounces are likely to be short lived and sold into. Buyers are thin on the ground. Bearish.

Silver fell hard testing the $15.00 for support on Wednesday which appears to be holding for now. Silver is in a one way sell only market. A close below $15.00 is likely to see the metal heading towards the $12.00 area in the mid-term.

Copper (Comex) continues to flirt with the $300 support level dipping below intraday but managing to garner enough buyers to push the metal back above this key level. Support below is at $296-93. Bearish.

Crude oil rallied on Wednesday climbing towards $80 mark which proved too resistive to get above. Crude is likely to retest this area. A close above is likely to lead to resistance at the $82.50 level. Bearish bias remains intact.

 

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