Commodities snapshot (precious & industrial)

Metals are treading water in spite of weakness in Dollar. Performance this week at a glance in chart & table -

Gold -

• Gold bounced back above $1180, but failed to maintain gains. Today's range $1182-1173. Price suggests larger correction is possible.
• Gold might reach $1152 area, since $1178 support got broken.
• Gold is currently trading at $1177/troy ounce. Immediate support lies at $1152 and resistance at $1224, $1236-1240 area.

Silver -

• Silver is hovering around $16. Today's range $16.2-$15.95.
• Mint ratio is up by 0.1% today, currently at 73.5. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper is trying to pose a comeback from support area. Next target is around $2.5, if support gets cleared.
• Bears are likely to retain control, unless $2.95 breaks.
• Copper is currently trading at $2.71/pound, immediate support lies at $2.65 & resistance at $2.84, $2.89, $2.95.