Commodities snapshot (precious & industrial)

Metals are mixed today, precious is gaining while industrial falls. Performance this week at a glance in chart & table -

Gold -

• Gold has broken above $1200 mark. Likely to test $1224 resistance area once more.
• Gold might reach $1252 area, if $1224 area gets broken. Support at $1178 held once more.
• Gold is currently trading at $1192/troy ounce. Immediate support lies at $1200, $1178 and resistance at $1224, $1236-1240 area.

Silver -

• Silver started the week with a bang, a price break over $17 mark Test of resistance around $17.5 is likely.
• Mint ratio is down by -1% today, currently at 70.3. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $17/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 $2.714 as Chinese PMI showed persistent weakness in the economy. Further downside remains open. Copper likely to reach $2.58/pound
• Bears are likely to retain control, unless $2.95 breaks.
• Copper is currently trading at $2.72/pound, immediate support lies at $2.65 & resistance at $2.84, $2.89, $2.95.