Commodities snapshot (precious & industrial)

Metals are continuing small range lacks strength. Performance this week at a glance in chart & table -

Gold -

• Gold last week has taken support of $1178 once more over NFP report release. However bulls are lacking conviction to push gold on the upside. As of now Downside remains more likely with stop around $1200-$1209.
• Gold is currently trading at $1190/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1209, $1224 and $1236-1240 area.

Silver -

• Silver is once again testing resistance around $16.6, breaking it won't turn bias on bullish side, however it would temporarily subside bearish pressure.
• Mint ratio is down -0.1%, currently at 72.05. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.5/troy ounce. Support lies at $15.42, $14 & resistance at $16.3-$16.6, $17.5-17.7.

Copper -

• Copper bulls failed to take cues from NFP report on Friday and Chinese rate cut over the weekend. Copper might go for larger correction before it breaks above level.
• Bulls might be targeting $3.1-3.16 area if breakout is successful. However $3 might provide psychological resistance.
• Copper is currently trading at $2.90/pound, immediate support lies at $2.86, $2.76 & resistance at $2.95, $3.07.