Commodities snapshot (precious & industrial)

Metals remained lackluster in spite of weaker dollar. Performance this week at a glance in chart & table -

Gold -

• Gold has successfully taken support around $1180 area, and hovering above $1200 mark. Hurdles remain around $1209.
  
• Price might test $1224 once more, should dollar continue to pose weakness. However bear trade looks more attractive as bears might push gold towards $1150 and $1130 area.
  
• Bulls and Bears both lacking directional bias, so gold may continue broader range of $1130 - $1224.
  
• Gold is currently trading at $1204, flat today. Immediate support lies at $1178, $1160 and resistance at $1224 and $1236-1240 area.

Silver -

• Silver posing better strength than dollar. Traded $16.5/troy ounce intraday.
  
• Mint ratio is down -0.25%, currently at 73.35. Mint ratio and precious metal prices are inversely related more often than not.
  
  
• Broader trend remains downwards.
  
  
• Silver is currently trading at $16.4/troy ounce, up 0.26% today. Support lies at 15.42,14 & resistance at 17.5-17.7.

Copper -

• Copper is the best performer today. Weaker dollar paved comeback of copper. Price jumped back taking support around $2.72 and bounced to $2.79 area.
  
  
• Bias remains downwards with stop of $2.85 and target of $2.52-$2.47.
  
  
• Bearish inverted hammer and bearish doji remains in play in weekly chart.
  
  
• Copper is currently trading at $2.77/pound, up 1.9% today, immediate support lies at $2.59 & resistance at $2.83, 2.93, and 3.07.