Commodities snapshot (precious & industrial)

Despite this week's gain precious pack is overall underperforming. Performance this week at a glance in chart & table -

Gold -

• Gold trying to test dollar $1200 area, after finding support around $1178 level.
  
• This week's NFP report holds key to further price action. Bears are likely to break below should $1209 holds. Bulls need to break above $1224 area to diminish bearish bias.
  
• Gold is currently trading at $1196/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1209, $1224 and $1236-1240 area.

Silver -

• Silver is flat today, after major bounce yesterday. Still the best performer this week. Silver still remains in bearish control, however bulls have defended key support area.
  
• Mint ratio is down -0.22%, currently at 72. Mint ratio and precious metal prices are inversely related more often than not.
  
  
• Silver is currently trading at $16.6/troy ounce, up 2.9% since last week. Support lies at $15.42, $14 & resistance at $16.3-$16.6, $17.5-17.7.

Copper -

• Copper has made successful advance today as weak dollar continue to provide support to bulls. However $3 area might pose psychological resistance.
  
• Bulls might be targeting $3.16 area.
  
  
• Copper is currently trading at $2.94/pound, immediate support lies at $2.86, $2.76 & resistance at $2.95, $3.07.