Commodity Weekly 17 December 2013 |
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The S&P GSCI Total Return Index failed just ahead of the 50% retracement of the move down from August, this is located at 4872. We view the high at 4846 as a corrective peak and look for the market to come under increasing downside pressure.
The market faces tougher resistance, which is located at 4930/41, which is the 61.8% retracement and the high seen in October. We look for this to hold the topside and provoke failure.
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