Commodities Snapshot (precious & Industrial)

Metals are mixed today, precious is gaining while industrial falls. Performance this week at a glance in chart & table –

Gold –

• Gold is up but trading in small range of $1195-$1185 today.
• Bearish target is coming around $1154 area as $1224 area holds. $1178 stands as crucial support area. $1200 would act as interim resistance.
• Gold is currently trading at $1192/troy ounce. Immediate support lies at $1200, $1178 and resistance at $1224, $1236-1240 area.

Silver –

• Silver performance is lacklustre today. Today’s range $16.65-$16.8.
• Mint ratio is down by -0.08% today, currently at 70.96. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.8/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper –

• Copper broke into new low of $2.747. Further downside remains open.
• Bears are likely to retain control, unless $2.95 breaks.
• Copper is currently trading at $2.75/pound, immediate support lies at $2.65 & resistance at $2.84, $2.89, $2.95.

The material has been provided by InstaForex Company – www.instaforex.com