Commodity Prices

Gold •781 days	2,368.70	+35.30	+1.51%
Platinum •19 mins	1,897.80	+2.10	+0.11%
WTI Crude •11 mins	85.55	-1.51	-1.73%
Gasoline •11 mins	3.269	-0.079	-2.35%
Ethanol •781 days	2.161	+0.000	+0.00%
Silver •781 days	30.82	+1.16	+3.92%

Silver • 781 days	30.82	+1.16	+3.92%
Copper • 781 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	93.10	-1.29	-1.37%
Natural Gas • 11 mins	2.830	+0.057	+2.06%
Heating Oil • 11 mins	4.376	-0.119	-2.64%

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Gold: Fading Near the Resistance at 1420

By - Jun 05, 2013, 5:10 AM CDT

Gold may have completed a short-term rebound following the rejection at 1422 seen last Friday. In fact the daily structure, present since 1488 (03/05/2013 high), has the appearance of a bearish flag/pennant. With this in mind, we anticipate further weakness to retest the recent 1338 low. An hourly support is at 1385.

In the medium-term, gold has confirmed a weakening bias by breaking to the downside out of its long-term horizontal range defined by the support at 1523 (29/12/2011 low) and the resistance at 1803 (08/11/2011 high). The implied medium-term downside risk is 1287. A key support is at 1308 (28/01/2011 low).

Daily Technical Report