Commodities snapshot (precious & industrial)

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

Gold –

• Gold declined further and much faster as Dollar recovered after two days decline. We expect Gold to test support around $1180 area. Today’s range $1211-1223
• Gold is currently trading at $1213/troy ounce. Immediate support lies at $1180 and resistance at $1350 area.

Silver –

• Silver down in line with gold today. Likely to test $16 support area. Today’s range $16.1 -16.4
• Active call – Buy Silver @ $16.7 with target around $19 and stop loss at $14.8
• Silver is currently trading at $16.21 /troy ounce. Support lies at $16 & resistance at $17.2, $17.8, 18.4

Copper –

• Copper is best performer this week. Today’s range $2.13-2.09
• Active call – Sell copper @2.06 and at rallies with targets around $1.75, $1.6/pound with stop loss around $2.3/pound
• Copper is currently trading at $2.11/pound, immediate support lies at, $2.03 & resistance at  $2.3, $2.21