Commodity Prices

Gold •523 days	2,368.70	+35.30	+1.51%
Platinum •20 mins	1,660.30	-0.20	-0.01%
WTI Crude •11 mins	58.81	-1.27	-2.11%
Gasoline •11 mins	1.795	-0.039	-2.14%
Ethanol •523 days	2.161	+0.000	+0.00%
Silver •523 days	30.82	+1.16	+3.92%

Silver • 523 days	30.82	+1.16	+3.92%
Copper • 523 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	62.43	-1.32	-2.07%
Natural Gas • 11 mins	4.869	-0.420	-7.94%
Heating Oil • 11 mins	2.296	-0.067	-2.82%

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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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