Wednesday November 12: OSB Daily Technical Analysis – Commodities 

OSB Daily Technical Analysis for November 12, 2014

Gold tried to rally on Tuesday after finding support at the $1145 area. Gold is looking to build a base in this area as it tries to bounce higher. Resistance above at the $1180 area. Gold remains strongly bearish and any bounces are likely to be short lived.

Silver found support at the $15.50 area on Tuesday and went higher from there closing in the $15.70 after finding resistance at $16.00. Market appears to be edging higher but downside pressure remains strong and is likely to see the pair breaking below the $15.00 mark in the mid-term.

Copper (Comex) managed to close positively on the day after dipping below the $300 barrier during intraday trading making for a volatile trading session. Copper is undecided about which direction to take next and is most likely to continue fighting out at these levels. Strong bearish bias remains.

Crude Oil dipped below the $77.00 mark where it found support and bounced back suggesting that Crude has developed a base in this region and is likely to bounce higher from here possibly testing the $80 level prior to getting back in line with the general longer term trend.

 

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