Commodities snapshot (precious & industrial)

Metals pack are showing strength today. Performance this week at a glance in chart & table -

Gold -

• Gold moved as high as $1218 in New York session, looking to test key resistance around $1224.
• Since yesterday, bulls have gathered pace and very likely to break $1224 this time. Target is coming around $1252.
• Gold is currently trading at $1216/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1224 and $1236-1240 area.

Silver -

• Silver cleared resistance at $16.6 and moved sharply higher next focus is $17.5
• Mint ratio is down -1.7% today, currently at 70.9. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $17.1/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7.

Copper -

• Copper is positive, however bulls are yet to break above key resistance around $2.95.
• Bulls might be targeting $3.1-3.16 area if breakout is successful. However $3 might provide psychological resistance.
• Copper is currently trading at $2.93/pound, immediate support lies at $2.86, $2.76 & resistance at $2.95, $3.07.