Commodities snapshot (precious & industrial)

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

Gold -

• Stronger dollar spoiled the rally for gold bulls. Target of $1252 still remain active, however bears have taken control as of now. Bulls need to show strength at support to reign over bears.
• Gold is currently trading at $1208/troy ounce. Immediate support lies at $1208, $1178 and resistance at $1236-1240 area.

Silver -

• Silver failed to break key resistance area of $17.5-$17.7 as strong dollar made bears stronger for now. However sellers should remain cautious as bulls might pose strong showing at supports. $16.5 might provide interim support.
• Mint ratio is up +2.8% today, currently at 71. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.97/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Bears have once again taken control, due strong comeback of dollar. Further downside remains open.
• Short term sell is recommended since $2.95 held strong.
• Copper is currently trading at $2.83/pound, immediate support lies at $2.76 & resistance at $2.95, $3.07. $2.89 would provide interim resistance.