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

GOLD: In commodities, spot gold was closing near $1,269.75 per ounce, on the

high side of a 1,257.48 to $1,270.93 range, with the earlier high the highest

since June 14 when gold peaked at $1,280.77.

- 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 as U.S. Treasury yields and the dollar

recovered, bottoming July 10 near $1,204.90.

- With the dollar on the defensive in recent sessions, gold has made slow

progress higher. A break above the June 14 highs will target the early June

peaks.

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

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

that shifted initial 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

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

below $1242.4 to shift focus lower.