Commodities snapshot (precious & industrial)

Metal pack is down today. Performance this week at a glance in chart & table -

Gold:

• Gold is sharply down today but likely to find support around $1300 area. Today’s range $1313-1338
• We expect gold to reach $1520
• Gold is currently trading at $1315/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

• Silver is sharply down today, worst performer of the week. Today’s range $20 -19.4
• Active call – Buy Silver @ $16.7 with target around $19 and stop loss at $14.8. Target extended to $26
• Silver is currently trading at $19.47 /troy ounce. Support lies at $15.6, $16 & resistance at 18.4

Copper:

• Copper is best performer of the week. Today’s range $2.22-2.26
• Active call – Sell copper @2.06 and at rallies with targets around $1.75, $1.6/pound with stop loss around $2.3/pound
• Copper is currently trading at $2.24/pound, immediate support lies at, $2.03 & resistance at  $2.3