In commodities, spot gold was closing near.....>

GOLD: In commodities, spot gold was closing near $1,259.60 per ounce, in the

middle of a 1,254.61 to $1,265.38 range. The earlier high was the highest since

June 15 when gold peaked at $1,266.69. The next level of resistance is

$1,280.77, the June 14 high.

- On June 6, the precious metal posted a high of $1,296.15, but then stalled,

creating a double-top with the $1,295.56 high seen April 17.

- Subsequently, gold moved lower on unwinds as U.S. Treasury yields recovered,

with the precious metal bottoming July 10 near $1,204.90.

- OUTLOOK: Bears failed to capitalise on the dip Wednesday with the gold finding

support ahead of $1242.4 and resulting in a close above the $1258.8 resistance

that sees immediate focus ton $1280.8 and overall focus on tests of 2017 highs.

The Bollinger top is the key concern and currently caps. Layers of support are

building with bears needing a close below $1252.7 to ease bullish pressure and

below $1242.4 to shift focus lower.