Commodity Prices

Gold •172 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	941.00	+4.60	+0.49%
WTI Crude •10 mins	69.19	-0.27	-0.39%
Gasoline •10 mins	1.942	+0.000	+0.01%
Ethanol •172 days	2.161	+0.000	+0.00%
Silver •172 days	30.82	+1.16	+3.92%

Silver • 172 days	30.82	+1.16	+3.92%
Copper • 172 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	72.64	-0.30	-0.41%
Natural Gas • 10 mins	3.827	+0.079	+2.11%
Heating Oil • 10 mins	2.240	+0.008	+0.36%

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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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