OSB Daily Technical Analysis for November 10, 2014

Gold rallied on Friday making a decisive push towards the $1180 mark after making a new intraday day low at $1130. Gold is likely to test the $1200 area as part of this upswing. Overall this up move is likely to be faded as sellers look to add to short positions. US$ gathering strength is likely to be the catalyst that drives price lower. Bearish.

Silver rallied on Friday and managed to etch higher after testing the $15.00 area for support. Market could continue higher however upside potential appears limited. Resistance at $16.00 is likely to be significant. Bearish bias remains.

Copper (Comex) continues to consolidate in the $300 vicinity. The metal remains in a tight range of $298-308 and is likely to continue trading sideways until it breaks through decisively on either side. Bearish sentiment is intact.

Crude Oil closed on a positive note on Friday closing at the key support level of $78.50. Overall the Crude market is consolidating within a tight range and is likely to continue to do so as it looks for further direction which is most probably to the downside. Market currently supported below at $76.50. A close below this extends to $75.00 and below. Bearish.

 

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