OSB Daily Technical Analysis for November 7, 2014

Gold managed to halt its downswing on Thursday with a brief attempt to climb higher testing resistance at the $1150 area. Gold appears to be supported at the $1140 area and is likely to bounce around at this level prior to finding further direction. Bearish bias remains.

Silver tested support at the $15.00 area and managed to close positive for the day on Thursday. The precious metal is likely to consolidate at this level following the recent steep declines. A close below the $15.00 handle opens new down leg which extends to the $12.00 area. Bearish.

Copper (Comex) continues to fight it out at the $300.00. The red metal managed to close above this level on Thursday and is looking to bounce higher. Upside appears to be limited and copper is likely to continue consolidating at this level.

Crude Oil closed below $78.00 on Thursday after testing resistance at $79.00. Crude support is at $77.50 and further below at $77.00. Bearish bias remains intact with deep selling likely to take a pause for now.

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