Commodities snapshot (precious & industrial)

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

Gold:

• Speculators have sharply increased long positions last week. Gold is testing support around $1230 area. Today’s range $1230-1237
• Gold is currently trading at $1230/troy ounce. Immediate support lies at $1220, and resistance at $1280, $1300 area.

Silver:

• Silver is worse performer than gold today. Today’s range $17.76-18.04
• Silver is currently trading at $17.82/troy ounce. Support lies at $18, & resistance at $18.7

Copper:

• Copper is likely to rise towards $3.2 per pound. Copper suffered a blow after another failed attempt to clear resistance above $2.7 area. It is the worst performer of the day. Today’s range $2.65-2.71
• Copper is currently trading at $2.66/pound, immediate support lies at, $2.6 & resistance at  $2.86