OSB Daily Technical Analysis for November 11, 2014

Gold sold off on Monday after opening slightly lower from the previous close. Gold is currently supported in the $1140-50 area and is likely to continue testing for support here. A close below extends to recent lows in the $1125 area. Bearish sell only market for gold.

Silver declined on Monday finding support at the $15.50 area after a brief rally and attempt to test resistance at the $16.00 handle. Silver is likely to bounce around in this area and consolidate at this lower level while it looks for further direction. Bearish.

Copper (Comex) remains within its recent trading range and continues to test the $300 handle. Copper is likely to continue consolidating at this level while it looks for further direction which is most likely to the downside. Bearish.

Crude Oil continues consolidation in the $77-$80 range. Brief rally and test of the $80 range failed to gather momentum to push above. Weakness suggests that crude oil is now in a sell only market and is likely to head lower from here. Support at the $76.50 area.

 

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