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 the dollar weakened. Today’s weaker retail sales data provided an extra push. Today’s range $1334-1356
• We expect gold to reach $1520
• Gold is currently trading at $1351/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

• Silver is weak today compared to gold but remains best performer of the week. Today’s range $20.25-19.7
• 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 $20.15/troy ounce. Support lies at $18, $19 & resistance at $20.7, $22, $26

Copper:

• Copper dropped sharply, worst performer of the week. Today’s range $2.14-2.19
• 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 $2.16/pound, immediate support lies at, $2.03 & resistance at  $2.3