Commodity Prices

Gold •517 days	2,368.70	+35.30	+1.51%
Platinum •19 mins	1,671.60	+21.40	+1.30%
WTI Crude •11 mins	59.35	+0.71	+1.21%
Gasoline •11 mins	1.839	+0.009	+0.48%
Ethanol •517 days	2.161	+0.000	+0.00%
Silver •517 days	30.82	+1.16	+3.92%

Silver • 517 days	30.82	+1.16	+3.92%
Copper • 517 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	63.09	+0.64	+1.02%
Natural Gas • 11 mins	4.993	+0.153	+3.16%
Heating Oil • 11 mins	2.305	-0.007	-0.32%

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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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