Commodities snapshot (precious & industrial)

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

Gold:

• Gold is down as risk aversion fades. Today’s range $1283-1305
• We expect gold to reach $1520
• Gold is currently trading at $1286/troy ounce. Immediate support lies at $1250 and resistance at $1330 area.

Silver:

• Silver is down in line with the gold. Today’s range $18.06-18.46
• 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 $18.21/troy ounce. Support lies at $16, & resistance at $20

Copper:

• Copper shot up sharply and tested key resistance at $2.3 area.  Today’s range $2.31-2.25
• 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 $2.29/pound, immediate support lies at, $2.03 & resistance at  $2.3