Commodities snapshot (precious & industrial)

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

Gold:

• Gold is higher this week as the dollar weakened. Today’s range $1340-1354
• We expect gold to reach $1520
• Gold is currently trading at $1349/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

• Silver is weak today but remains best performer of the week. Today’s range $20.38-19.8
• 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 $20.13/troy ounce. Support lies at $18, $19 & resistance at $20.7, $22, $26

Copper:

• Copper is heading towards another test of $2.3 resistance, however likely to be halted around $2.2. Today’s range $2.16-2.19
• 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 $2.19/pound, immediate support lies at, $2.03 & resistance at  $2.3