Thursday November 13: OSB Daily Technical Analysis – Commodities 

OSB Daily Technical Analysis for November 13, 2014

Gold tried to rally on Wednesday but found resistance at the $1170 area too strong. Gold is likely to consolidate in this region and build a base at the $1150 area following the recent declines. Overall bearish bias is strong and the market is poised to go much lower in the mid-longer term.

Silver traded in a very tight range on Wednesday and essentially remain unchanged from the previous day’s session. Support below at $15.50-20. A close below this area suggests a test of the $15.00 handle which is very likely in the mid-term. Silver is currently a sell only market.

Copper (Comex) remains in a tight range as it continues to test the $300 mark. Support in this area is significant and is keeping the metal from breaking down. On the other side there is very little interest from buyers in this market which is likely to keep the red metal within this trading range at least for now.

Crude Oil broke lower after testing resistance at the $78.00 handle. This suggests that bullish momentum is thin on the ground and Crude is more likely to head lower. Support below at $76.50. A break below is likely to see the pair heading into the $75.00 area.

 

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