Commodities snapshot (precious & industrial)

Metals are consolidating today. Performance this week at a glance in chart & table -

Gold -

• Gold lost ground further, after price broke below $1200 mark. A test of $1178 support is likely.
• Bearish target is coming around $1154 area as $1224 area holds. $1178 stands as crucial support area.
• Gold is currently trading at $1185/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 0.27% today, currently at 71.1. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.7/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper broke into new low and tested the support area today. Bounce back might occur from the level. A break below would expose $2.5 area.
• 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.