Commodities snapshot (precious & industrial)

Metals remained lackluster after initial boost from China reserve ratio cut. Performance this week at a glance in chart & table -

Gold -

• Gold trade remained lackluster today, after initial jump over China weekend reserve ratio cut Hurdles remain around $1209 and Gold so far failed to break above today.
  
• Price might test $1224 once more, should dollar weaken this week again. However bears remain stronger and 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 $1198, down -0.5% today so far. Immediate support lies at $1178, $1160 and resistance at $1224 and $1236-1240 area.

Silver -

• Bears pushed silver towards $16 level, which were once again defended by bulls, however price might break below, should dollar pose strength this week.
  
• Mint ratio is up 0.69%, currently at 74.4. Mint ratio and precious metal prices are inversely related more often than not.
  
  
• Silver is currently trading at $16.1/troy ounce, down -1.9% today. Support lies at 15.42,14 & resistance at 17.5-17.7.

Copper -

• Copper is the worst performer today. China reserve ratio cut provided boost, however failed to break above $2.85 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 $2.73/pound, down -2.2% today, immediate support lies at $2.59 & resistance at $2.85, 2.93, and 3.07.