Commodities snapshot (precious & industrial)

Metals are trading in low volatility as key markets are closed today. Performance this week at a glance in chart & table -

Gold -

• In spite of large gains in US dollar, gold has been able to hold on above $1200.
• Bulls and bears are broadly in balance with bulls targeting $1252 and bears $1154.
• Gold is currently trading at $1205/troy ounce. Immediate support lies at $1200, $1178 and resistance at $1224, $1236-1240 area.

Silver -

• Silver's strength waned on the final day last week. Short side remains open as price has failed to clear resistance area near $17.5.
• Mint ratio is flat today, currently at 70.4. 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, 18.4-18.7.

Copper -

• Copper clawing some ground back over profit, after last week's massive selloffs.
• Bears remain in control in short term since $2.95 held strong.
• Copper is currently trading at $2.82/pound, immediate support lies at $2.76 & resistance at $2.95, $3.07. $2.89 would provide interim resistance.