Commodity Prices

Gold •338 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,168.10	+31.60	+2.78%
WTI Crude •4 hours	64.58	+1.21	+1.91%
Gasoline •4 hours	2.077	+0.014	+0.67%
Ethanol •338 days	2.161	+0.000	+0.00%
Silver •338 days	30.82	+1.16	+3.92%

Silver • 338 days	30.82	+1.16	+3.92%
Copper • 338 days	4.530	+0.111	+2.51%
Brent Crude • 3 hours	66.47	+1.13	+1.73%
Natural Gas • 4 hours	3.784	+0.107	+2.91%
Heating Oil • 4 hours	2.125	+0.031	+1.47%

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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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