Commodities snapshot (precious & industrial)

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

Gold -

• Gold is trading in small range of $1192-$1185 today.
• Bearish target is coming around $1154 area as $1224 area holds. $1178 stands as crucial support area. $1200 would act as interim resistance.
• Gold is currently trading at $1187/troy ounce. Immediate support lies at $1200, $1178 and resistance at $1224, $1236-1240 area.

Silver -

• Silver got support near $16.5 area. Today's range $16.8-$16.6.
• Mint ratio is down by -0.08% today, currently at 71.1. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.68/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper broke into new low of $2.757. However tis area would act as support.
• Bears are likely to retain control, unless $2.95 breaks. Breaking the support would push copper towards $2.5 area.
• Copper is currently trading at $2.78/pound, immediate support lies at $2.76, $2.65 & resistance at $2.84, $2.89, $2.95.