Commodity Prices

Gold •625 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,970.50	+26.80	+1.38%
WTI Crude •9 hours	98.23	+2.68	+2.80%
Gasoline •9 hours	3.286	+0.159	+5.09%
Ethanol •625 days	2.161	+0.000	+0.00%
Silver •625 days	30.82	+1.16	+3.92%

Silver • 625 days	30.82	+1.16	+3.92%
Copper • 625 days	4.530	+0.111	+2.51%
Brent Crude • 8 hours	112.19	+3.54	+3.26%
Natural Gas • 9 hours	3.095	-0.071	-2.24%
Heating Oil • 9 hours	4.608	+0.266	+6.14%

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Gold: Fading Near The Top of The Declining Channel

By - May 16, 2014, 4:56 AM CDT

Gold has faded near the resistance at 1316 (see also the declining channel). Hourly supports stand at 1289 and 1278. An hourly resistance now lies at 1309 (14/05/2014 high).

Longer term, we are sceptical that the horizontal range between the strong support at 1181 (28/06/2013 low) and the major resistance at 1434 (30/08/2013 high) is a long-term bullish reversal pattern. As a result, a decline towards the low of this range is eventually favoured.

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