Metals are continuing their range. Performance this week at a glance in chart & table - Gold - Gold gained amid weaker dollar however bulls are clearly lacking conviction to push higher. Price might keep consolidating. G…
Metals are continuing their range. Performance this week at a glance in chart & table -
Gold -
Gold gained amid weaker dollar however bulls are clearly lacking conviction to push higher. Price might keep consolidating.
Gold is currently trading at $1191/troy ounce. Immediate support lies at $1178, $1160 and resistance at $1209, $1224 and $1236-1240 area.
Silver -
Silver once again failed to clear resistance around $16.6. Price made a low around $16.1 and high at $16.5 so far.
Mint ratio is flat today, currently at 72.6. Mint ratio and precious metal prices are inversely related more often than not.
Silver is currently trading at $16.4/troy ounce. Support lies at $15.42, $14 & resistance at $16.3-$16.6, $17.5-17.7.
Copper -
Copper bulls gained amid weaker dollar, however resistance at $2.95 still remains intact.
Bulls might be targeting $3.1-3.16 area if breakout is successful. However $3 might provide psychological resistance. However failure to break $2.95 might push prices lower.
Copper is currently trading at $2.93/pound, immediate support lies at $2.86, $2.76 & resistance at $2.95, $3.07.
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