OSB Daily Technical Analysis for November 17, 2014

Gold rallied significantly on Friday with sign that the precious metal is attempting to reach out to the $1200 handle. Resistance in this area is significant and likely to cause bears to step in and start selling at this level. A clean close above might change this view. Overall bearish sentiment remains with high volatility in this region.

Silver broke above the $16.00 mark and had the biggest one day move in quite some time. Resistance is at the $16.40-60 area. Overall Silver is likely to run into resistance in this area and likely to sell off. Any bullish momentum is likely to be faded by the bears.

Copper (Comex) rallied straight through the $300 mark on Friday and managed to remain above this area for the day. Copper is likely to remain volatile and keep going back and forth in this region. The red metal remains in the tight range of $296-$308. Neutral to bullish outlook remains. 

Crude Oil rallied and managed to close above the $75.85. Resistance above is at the $76.50 area and extends through to $78.00. A close above this area is likely to see Crude bouncing into the $80.00 area. Crude is significantly bearish with selling pressure possibly to be strong at this level. Overall bearish bias is intact.

 

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