Commodities snapshot (precious & industrial)

Metal pack is down on stronger Dollar today. Performance this week at a glance in chart & table -

Gold –

• Gold is likely to gain further from here, consolidating around $1230-20 area.  Today’s range $1235-1229
• Gold is currently trading at $1233/troy ounce. Immediate support lies at $1180 and resistance at $1280 area.
• Active call – Buy gold @1200 area with stop around $1180 area and target around $1350 area.

Silver –

• Silver is flat today, awaiting FOMC, likely to consolidate or break from here, downside is limited. Today’s range $15.31-15.27
• Silver is currently trading at $15.29/troy ounce. Support lies at $14.1 & resistance at $16

Copper –

• Copper is flat for today. Today’s range $2.22-2.25
• Longer term Call – Sell Copper targeting $1.75/pound but will sell higher.  In the short term - Copper target reached at $2.25, buy at correction below $2.2 targeting $2.45 area.
• Copper is currently trading at $2.24/pound, immediate support lies at, $2.12 & resistance at $2.26, $2.42