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Commodities snapshot (precious & industrial)

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

Gold:

  • Gold is higher this week as Fed kept rates on hold and found support around $1300 area. Today’s range $1328-1348
  • We expect gold to reach $1520
  • Gold is currently trading at $1346/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

  • Silver is marginally higher today, best performer this week. Today’s range $20.33-19.94
  • 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 $20.28 /troy ounce. Support lies at $18, $19 & resistance at $20.7, $22, $26

Copper:

  • Copper is flat today, worst performer of the week. Today’s range $2.23-2.18
  • Active call – Sell copper @2.06 and at rallies with targets around $1.75, $1.6/pound with stop loss around $2.4/pound
  • Copper is currently trading at $2.21/pound, immediate support lies at, $2.03 & resistance at  $2.3

 

Gold

+1.82%

Silver

+3.42%

Copper

 -1.43%

 

 

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