Commodities snapshot (precious & industrial)

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

Gold:

• Gold is up today but is more like a dead cat bounce after yesterday’s massive decline. Today’s range $1266-1277
• We expect gold to reach $1520
• Gold is currently trading at $1273/troy ounce. Immediate support lies at $1250 and resistance at $1330 area.

Silver:

• Silver is down this week, in line with gold. The worst performer of the week. Today’s range $17.72-18.03
• 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 $17.87/troy ounce. Support lies at $16, & resistance at $20

Copper:

• Copper is down this week but the best performer.  Today’s range $2.17-2.2
• 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 $2.17/pound, immediate support lies at, $2.03 & resistance at  $2.3