04:23 PM EDT, 08/16/2024 (MT Newswires) -- The resources-heavy Toronto Stock Exchange brushed aside a mixed performance from commodity prices Friday to make it a 'magnificent seven' straight winning sessions as it posted its second highest close ever.

The S&P/TSX Composite index closed up 21.89 points to 23,054.61, not far from the record close of 23,110.81 on July 31.

Some market watchers believe that record could soon fall, with Rosenberg Research in its latest 'Technicals With Dave' note looking at global equity markets and suggesting Canada's largest stock market could be headed up to the 24,500 level.

According to Rosenberg, the TSX's four-year uptrend "remains very much intact", as defined by its 2020-2024 support trend line. It said the strength of the trend is perhaps best highlighted by two observations. The index reached an all-time high on July 31 just before falling by more than 6% over the next three days. And, despite that sell-off, the index recovered to post its sixth gain in the last seven weeks.

Nonetheless, it said, the decline did impact the weekly Coppock Curve -- a long-term price momentum indicator used primarily to recognize major downturns and upturns in a stock market index-- which has been holding its neutral zero line. The index is expected to continue to remain near the zero line in the weeks immediately ahead, but there are some indications that a bearish bias could intensify toward the end of this quarter, it added.

Rosenberg Research said although there is support at 21,536-21,466, it would not be a surprise to see the index test last year's breakout point at 21,000-20,500. If that tight range fails, it added, the November 2022 to October 2023 trading range -- which extends down to 19,600 -- should offer important second support.

As for resistance, the late-July high of 23,209 is the obvious benchmark, the research said, before adding: "a rally decisively through that level would suggest further potential to 24,400-24,500".

Among sectors, most were lower, led by Energy down just over 1%. The Battery Metals Index was the biggest mover of the day in gaining more than 5%.

Of commodities today, and reflecting the lower Energy sector, West Texas Intermediate crude oil slumped on concerns over the health of China's economy and easing geopolitical worries. West Texas Intermediate crude for September delivery closed down $1.51 to settle at US$76.65 per barrel, while October Brent crude, the global benchmark, closed down US$$1.36 to US$79.68.

But gold was trading at a record high on Friday as the dollar and yields fell on firming expectations the Federal Reserve is ready to begin lowering interest rates as U.S. inflation eases. The precious metal for December delivery was last seen up $54.60 to US$2,547.00 per ounce, topping the record close of US$2,507.80 set on Tuesday.