OSB Daily Technical Analysis for October 17, 2014

Gold declined on Thursday finding support at the $1235 area. Gold is looking to go higher and a close above $1250 suggests upswing has legs and is possibly heading to the 1280 area. Support further below are $1220. Increased volatility is to be expected as the pair looks for direction.

Silver in consolidation mode bouncing around in a tight range. Support at $17.30, resistance above at $17.65. Market likely to continue in a sideways with lack of direction.

Copper (Comex) finally break below $300 opening up the market for lower prints. Weakness is prevalent with support being in the $292 region. Bearish sell only market. High volatility is to be expected.

Crude Oil bounced after finding support at $80.00. Rally ran out of steam and found resistance at $84. Market is significantly bearish and likely to consolidate above $80 as it prepares another move – likely to the downside.

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