Commodities snapshot (precious & industrial)

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

Gold:

• Gold has broken the resistance around $1230 area and is racing higher on a weaker dollar and risk aversion in the stock market. Today’s range $1243-1249
• We expect the gold price to reach $1365 per troy ounce.
• Gold is currently trading at $1248/troy ounce. Immediate support lies at $1190, and resistance at $1290 area.

Silver:

• Silver is up in line with the gold. Today’s range $17.43-17.61
• Silver is currently trading at $17.54/troy ounce. Support lies at $16.6, & resistance at $17.7

Copper:

• Active call - Copper is likely to rise towards $3.2 per pound. Copper dropped sharply after selling pressure around $2.7 area. It’s heading lower to our short term target around $2.3 area. Today’s range $2.58-2.61
• Copper is currently trading at $2.6/pound, immediate support lies at, $2.4 & resistance at  $2.7