Commodity Prices

Gold •691 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,958.20	+18.50	+0.95%
WTI Crude •11 mins	91.73	-4.87	-5.04%
Gasoline •13 mins	3.316	-0.138	-3.99%
Ethanol •691 days	2.161	+0.000	+0.00%
Silver •691 days	30.82	+1.16	+3.92%

Silver • 691 days	30.82	+1.16	+3.92%
Copper • 691 days	4.530	+0.111	+2.51%
Brent Crude • 12 mins	98.12	+1.98	+2.06%
Natural Gas • 13 mins	2.933	+0.026	+0.89%
Heating Oil • 34 mins	3.760	-0.128	-3.29%

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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