Commodities snapshot (precious & industrial)

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

Gold -

• Gold gained amid weaker dollar however bulls are clearly lacking conviction to push higher. Price might keep consolidating.
• Gold is currently trading at $1191/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1209, $1224 and $1236-1240 area.

Silver -

• Silver once again failed to clear resistance around $16.6. Price made a low around $16.1 and high at $16.5 so far.
• Mint ratio is flat today, currently at 72.6. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.4/troy ounce. Support lies at $15.42, $14 & resistance at $16.3-$16.6, $17.5-17.7.

Copper -

• Copper bulls gained amid weaker dollar, however resistance at $2.95 still remains intact.
• Bulls might be targeting $3.1-3.16 area if breakout is successful. However $3 might provide psychological resistance. However failure to break $2.95 might push prices lower.
• Copper is currently trading at $2.93/pound, immediate support lies at $2.86, $2.76 & resistance at $2.95, $3.07.