Commodities snapshot (precious & industrial)

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

Gold -

• As expected gold has cleared resistance around $1224 over weaker dollar, next target is coming around $1252.
• Gold is currently trading at $1226/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1224 and $1236-1240 area.

Silver -

• Silver cleared resistance at $16.6 and now trading around resistance area of $17.5-$17.7 a break would push silver higher around $18.5 as first target.
• Mint ratio is down -1.3% today, currently at 69.8. Mint ratio and precious metal prices are inversely related more often than not. Ratio is at key support while silver and gold is at key resistance.
• Silver is currently trading at $17.5/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper is trading flat for last few days, as 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.