Commodity Prices

Gold •843 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,562.40	-14.50	-0.92%
WTI Crude •1 day	103.27	+3.80	+3.82%
Gasoline •1 day	3.212	+0.035	+1.10%
Ethanol •843 days	2.161	+0.000	+0.00%
Silver •843 days	30.82	+1.16	+3.92%

Silver • 843 days	30.82	+1.16	+3.92%
Copper • 843 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	116.72	+3.55	+3.14%
Natural Gas • 1 day	2.640	-0.156	-5.58%
Heating Oil • 1 day	4.984	+0.052	+1.06%

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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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