Commodities snapshot (precious & industrial)

Metals are lacklustre despite weakness in Dollar. Performance this week at a glance in chart & table -

Gold -

• Gold faced selloff from around $1185 area. Today's range - $1185 - $1176
• Gold might reach $1152 area, since $1178 support got broken. Stop is around $1200.
• Focus is on FED next week.
• Gold is currently trading at $1181/troy ounce. Immediate support lies at $1152 and resistance at $1224, $1236-1240 area.

Silver -

• Silver has broken below $16 going to test resistance once more. Today's range $16.1-$15.8.
• Mint ratio is down by 0.75% today, currently at 74.2. Mint ratio and precious metal prices are inversely related more often than not.
• FED is make or break event for silver as it tests key support.
• Silver is currently trading at $15.9/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper failed to jump from key support today as it tested $2.65 intraday. FED could become make or break event for FED.
• Next target is around $2.52/ pound if support at $2.65 gets broken.
• Copper is currently trading at $2.68/pound, immediate support lies at $2.65 & resistance at $2.84, $2.89, $2.95.