Commodities snapshot (precious & industrial)

Precious pack is up post dovish FOMC, industrial lagging. Performance this week at a glance in chart & table -

Gold -

• Gold is trading back above $1200, however conviction is clearly lagging.
• Weaker dollar might prompt further rise and test of resistance at $1224 area.
• Gold is currently trading at $1201/troy ounce. Immediate support lies at $1172, $1152 and resistance at $1224, $1236-1240 area.

Silver -

• Silver is likely to trade in range of $15.4 to $17.5, since conviction is clearly lagging.
• Mint ratio is up by 0.2% today, currently at 73.8. Mint ratio and precious metal prices are inversely related more often than not.
• Weak dollar is providing the necessary support.
• Silver is currently trading at $16.4/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper failed to gain traction over weak dollar and dovish FOMC, traded as low as $2.61/pound.
• Next target is around $2.52/pound since support at $2.65 got broken.
• Copper is currently trading at $2.61/pound, immediate support lies at $2.5 & resistance at $2.75, $2.84, $2.89, $2.95.