Commodities snapshot (precious & industrial)

Metals performance remains mixed this week as some are losing in the face of stronger dollar while other are trying to recover over supply and demand. Performance this week at a glance in chart & table -

• Gold - Gold has failed to break above the mentioned resistance and fell pretty sharply and seems like once again going to test the bulls at lower levels of support. India in its recent budget has not reduced the tariffs on gold import which has fundamentally soured the mood for the bulls. Gold is currently trading at $1200/troy ounce, down 0.40% for the day. Immediate support lies at 1190 & resistance at 1224.

• Silver - Silver, the worst performer of the week so far, sold off was larger than that off gold that prompted the mint ratio to rise by 0.90% for the day. Silver is currently trading at $16.1/troy ounce, down by 1.40% for the day. Support lies at 15.5 & resistance at 17.6.

• Copper - Copper took the positive Chinese services PMI data that improved to 52, in its stride and maintained yesterday's status quo. Despite yesterday's sell off further gains cannot be ruled out in the short term. The copper is trading at $ 2.65/pound. Immediate support lies at 2.62 & resistance at 2.76.