Commodities snapshot (precious & industrial)

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

Gold:

• Gold is marginally higher on weaker dollar. Today’s range $1321-1329
• We expect gold to reach $1520
• Gold is currently trading at $1327/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

• Silver is the best performer of the week as decline stopped. Today’s range $19.27-19.55
• 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 $18, $19 & resistance at $20.7, $22, $26

Copper:

• Copper is the weakest performer of the day. Today’s range $2.09-2.07
• 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 $2.07/pound, immediate support lies at, $2.03 & resistance at  $2.3