Commodity Prices

Gold •363 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,371.30	+12.60	+0.93%
WTI Crude •10 mins	65.47	+0.02	+0.03%
Gasoline •10 mins	2.094	-0.006	-0.29%
Ethanol •363 days	2.161	+0.000	+0.00%
Silver •363 days	30.82	+1.16	+3.92%

Silver • 363 days	30.82	+1.16	+3.92%
Copper • 363 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	67.19	+0.08	+0.12%
Natural Gas • 12 mins	3.420	+0.005	+0.15%
Heating Oil • 12 mins	2.334	+0.007	+0.30%

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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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