Commodity Prices

Gold •446 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,426.50	+0.80	+0.06%
WTI Crude •3 hours	62.64	-0.04	-0.06%
Gasoline •15 mins	1.979	+0.001	+0.04%
Ethanol •446 days	2.161	+0.000	+0.00%
Silver •446 days	30.82	+1.16	+3.92%

Silver • 446 days	30.82	+1.16	+3.92%
Copper • 446 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	66.56	-0.01	-0.02%
Natural Gas • 12 mins	2.801	-0.005	-0.18%
Heating Oil • 15 mins	2.295	+0.002	+0.10%

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Gold: Break Over 1348.65 Warns of a Substantial Extension Higher

By - Aug 16, 2013, 6:18 AM CDT

Gold has managed to break over the key 1348.65 high (24/07/2013). This now greatly weakens the bearish structure that had been so dominant over recent weeks. The bias now switches to a bullish one with scope for a return towards 1422.10 (06/06/2013 high). A push under 1316.04 (14/08/2013 low) is required to negate the near-term bullish structure.

We also note that the failure to return to the annual low at 1180.50 is a further bullish indication and may suggest scope for a medium term basing formation.

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