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Metals are having another dull day. Performance this week at a glance in chart & table -
Gold -
- Bulls are once again struggling to pose a comeback in spite of dollar weakness and dovish FOMC minutes. Gold is consolidating above $1200. A break below will push it further down, towards $1178.
- Focus is on tomorrow's speech by Janet Yellen.
- Gold is currently trading at $1207/troy ounce. Immediate support lies at $1208, $1178 and resistance at $1236-1240 area.
Silver -
- Silver is again better performer today. Price likely to pose another challenge to $17.5-17.7 resistance area.
- Mint ratio is down -0.60% today, currently at 70.2. Mint ratio and precious metal prices are inversely related more often than not.
- Silver is currently trading at $17.2/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.
Copper -
- Copper has moved higher today, however gains remain very limited. Further downside or consolidation is likely.
- Bears remain in control in short term since $2.95 held strong.
- Copper is currently trading at $2.85/pound, immediate support lies at $2.76 & resistance at $2.95, $3.07. $2.89 would provide interim resistance.
|
Gold |
-1.37% |
|
Silver |
-1.58% |
|
Copper |
-2.63% |
