Commodities snapshot (precious & industrial)

Metals pack is down today as dollar bounced back somewhat. Performance this week at a glance in chart & table -

Gold -

• Gold dropped sharply from $1200 area. Today's range $1180-1169.
• Gold is failing to push on risk aversion, suggesting further drop.
• Gold is currently trading at $1173/troy ounce. Immediate support lies at $1152 and resistance at $1224, $1236-1240 area.

Silver -

• Silver dropped to new monthly low. Today's range $15.94-$15.74
• Mint ratio is down by -0.8% today, currently at 73.8. Mint ratio and precious metal prices are inversely related more often than not.
• 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 is bouncing back after reaching target. Today's range $2.65 - 2.6
• Next target is around $2.52/pound since support at $2.65 got broken. Profit booking suggested.
• Copper is currently trading at $2.62/pound, immediate support lies at $2.5 & resistance at $2.75, $2.84, $2.89, $2.95.