OSB Daily Technical Analysis for September 1st, 2014

Gold – Lower prices for Gold intraday with support just above the previous day’s lows. This market appears range bound for the medium term without much direction. Medium term trading range is between 1275 – 1305. Neutral.

Silver – Bullish action for much of Friday for Silver. Resistance at 19.65 proved strong to break through. Range bound action for this market for now with support at the 19.30 level and much stronger support at 19.00. Neutral.

Copper (Comex) – Positive day for Comex Copper on Friday following three bearish days and a break beneath the 200 DMA on Thursday. This market is bearish and faces strong resistance above 3.18. On the short term Copper appears to be heading lower with support at the 3.12 handle. Bearish.

Crude Oil – Strong end to the week for Crude Oil on Friday with a close above the 20 DMA. Last week’s bullish action is positive and signals further potential upside for Crude Oil. With that in prudence is in order and additional buying would convince bulls that recent action is not merely a bounce back from the sharp drop and oversold conditions seen in this market since the end of July. Watch for a close above 96.50.

 

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