Commodities snapshot (precious & industrial)

Precious metals are treading water, while industrial remains weak. Performance this week at a glance in chart & table -

Gold -

• Gold is creeping up today. Today's range - $1190 - $1172
• Gold might reach $1152 area, since $1178 support got broken. Stop is around $1200.
• Focus is on FED next Wednesday.
• Gold is currently trading at $1189/troy ounce. Immediate support lies at $1152 and resistance at $1224, $1236-1240 area.

Silver -

• Silver has bounced back from $15.8 area.
• Mint ratio is down by 0.8% today, currently at 73.3. 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 $16.2/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper has broken key support area at $2.65, further downside remains likely.
• Next target is around $2.52/ pound since support at $2.65 got broken.
• Copper is currently trading at $2.65/pound, immediate support lies at $2.5 & resistance at $2.725, $2.84, $2.89, $2.95.