Commodity Prices

Gold •296 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	972.90	-7.40	-0.75%
WTI Crude •4 hours	63.02	+0.23	+0.37%
Gasoline •4 hours	2.119	+0.013	+0.63%
Ethanol •296 days	2.161	+0.000	+0.00%
Silver •296 days	30.82	+1.16	+3.92%

Silver • 296 days	30.82	+1.16	+3.92%
Copper • 296 days	4.530	+0.111	+2.51%
Brent Crude • 3 hours	66.87	+0.32	+0.48%
Natural Gas • 4 hours	2.937	+0.007	+0.24%
Heating Oil • 4 hours	2.167	+0.024	+1.10%

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GBP/USD Recovering Well

By - Mar 09, 2012, 6:37 AM CST

GBP/USD found support at 1.5698 area after the breakdown from just shy of 1.6000.

While hourly resistance at 1.5883 caps we cannot rule out another downside probe an possible test of the reaction low at 1.5645, although strong support could provide a platform for a resumption of the 1.5235 advance.

Re-capture of 1.5883 would suggest that an important reaction low has formed, signalling a revival of the uptrend through 1.5993 for the 1.6167 reaction high initially.

Settlement below 1.5645 in the meantime would confirm a top pattern calling for a return towards 1.5500 in a deeper retracement of the 1.5235 advance.

Daily Technical Report