Commodities snapshot (precious & industrial)

Metals lost grounds further as dollar strengthen today. Performance this week at a glance in chart & table -

Gold -

• Gold has broken below $1200 mark and further downside looks very likely.
• Bearish target is coming around $1154 area as $1224 area holds. $1178 stands as crucial support area.
• Gold is currently trading at $1188/troy ounce. Immediate support lies at $1200, $1178 and resistance at $1224, $1236-1240 area.

Silver -

• Silver dropped further as expected. Expect assault on $15.4 resistance once more.
• Mint ratio is up by 0.35% today, currently at 70.75. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.8/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper lost grounds further as bears still remain in control. However support area is coming close. Partial profit booking is suggested.
• Bears remain in control in short term since $2.95 held strong.
• Copper is currently trading at $2.78/pound, immediate support lies at $2.76 & resistance at $2.84, $2.89, $2.95.