Commodities snapshot (precious & industrial)

Metal pack is mixed today. Performance this week at a glance in chart & table -

Gold:

• Gold is marginally down, likely to keep finding support around $1300 area. Focus is on Fed today. Today’s range $1315-1321
• We expect gold to reach $1520
• Gold is currently trading at $1320/troy ounce. Immediate support lies at $1300 and resistance at $1395 area.

Silver:

• Silver is down contrasting with gold. Today’s range $19.5 -19.7
• Active call – Buy Silver @ $16.7 with target around $19 and stop loss at $14.8. Target extended to $26
• Silver is currently trading at $19.6 /troy ounce. Support lies at $18, $19 & resistance at $20.7, $22, $26

Copper:

• Copper is marginally down today. Today’s range $2.24-2.2
• Active call – Sell copper @2.06 and at rallies with targets around $1.75, $1.6/pound with stop loss around $2.4/pound
• Copper is currently trading at $2.20/pound, immediate support lies at, $2.03 & resistance at  $2.3