Commodities snapshot (precious & industrial)

Metal pack are mostly flat today, after yesterday's massive sell off. Performance this week at a glance in chart & table -

Gold -

• Bulls are struggling to pose a comeback. Upside still remains open, larger correction might occur in immediate term. FOMC minutes is in focus. Upside target is $1252.
• Gold is currently trading at $1212/troy ounce. Immediate support lies at $1208, $1178 and resistance at $1236-1240 area.

Silver -

• Silver is better performer today. Price likely to pose another challenge to $17.5-17.7 resistance area
• Mint ratio is down -0.55% today, currently at 70.2. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $17.25/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Strong dollar made bears active in dollar.
• Short term sell is recommended since $2.95 held strong.
• Copper is currently trading at $2.83/pound, immediate support lies at $2.76 & resistance at $2.95, $3.07. $2.89 would provide interim resistance.