Metals' performance are positive in today's trading, however rallies continue to counter sellers at stages. Performance this week at a glance in chart & table -
Gold -
- Gold is up more than 1% as $1193 level provided support, stronger dollar continue to pose challenge.
- Gold is currently trading at $1209, up 1.22% today. Immediate support lies at $1193, $1178, $1160 and resistance at $1224 and $1236-1240 area.
Silver -
- Silver is still the worst performer this week, so far. Volatility remains large this week. Stronger dollar might push price lower, in spite of bounce back.
- Mint ratio dropped 1.15% today, currently at 72.9. Mint ratio and precious metal prices are inversely related more often than not.
- Silver is currently trading at $16.57/troy ounce, up 2.32% today. Downtrend remains intact and price might plunge lower. Support lies at 15.42,14 & resistance at 17.5-17.7.
Copper -
- Copper failed to pose comeback amid better than expected CPI from China. Immediate range remains $2.71-$2.78.
- Bears are in full control around $2.8-2.92 area. Downside target is coming around $2.52, with a stop of $2.84, upside can still be played with target around $3.1 with stop of $ 2.45.
- Bearish inverted hammer remains in play in weekly chart.
- Copper is currently trading at $2.74/pound. Immediate support lies at 2.59 & resistance at 2.83, 2.93, and 3.07.
|
Gold |
+0.75% |
|
Silver |
-0.60% |
|
Copper |
1.06% |
