Commodity Prices

Gold •358 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,399.60	-15.40	-1.09%
WTI Crude •10 mins	65.66	+0.42	+0.64%
Gasoline •20 mins	2.106	+0.007	+0.35%
Ethanol •358 days	2.161	+0.000	+0.00%
Silver •358 days	30.82	+1.16	+3.92%

Silver • 358 days	30.82	+1.16	+3.92%
Copper • 358 days	4.530	+0.111	+2.51%
Brent Crude • 19 mins	68.19	+0.46	+0.68%
Natural Gas • 10 mins	3.569	+0.043	+1.22%
Heating Oil • 1 hour	2.374	+0.014	+0.59%

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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.

Daily Technical Report