Commodity Prices

Gold •461 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,652.00	+2.20	+0.13%
WTI Crude •11 mins	62.16	+0.43	+0.70%
Gasoline •12 mins	1.909	+0.015	+0.79%
Ethanol •461 days	2.161	+0.000	+0.00%
Silver •461 days	30.82	+1.16	+3.92%

Silver • 461 days	30.82	+1.16	+3.92%
Copper • 461 days	4.530	+0.111	+2.51%
Brent Crude • 36 mins	65.45	-0.02	-0.03%
Natural Gas • 12 mins	3.519	+0.021	+0.60%
Heating Oil • 11 mins	2.284	+0.019	+0.84%

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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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