Commodity Prices

Gold •386 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,451.20	+10.70	+0.74%
WTI Crude •10 mins	66.21	+0.18	+0.27%
Gasoline •26 mins	2.109	+0.005	+0.24%
Ethanol •386 days	2.161	+0.000	+0.00%
Silver •386 days	30.82	+1.16	+3.92%

Silver • 386 days	30.82	+1.16	+3.92%
Copper • 386 days	4.530	+0.111	+2.51%
Brent Crude • 2 hours	69.18	+0.67	+0.98%
Natural Gas • 10 mins	3.102	+0.008	+0.26%
Heating Oil • 10 mins	2.407	-0.006	-0.24%

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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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