Commodities snapshot (precious & industrial)

Metals are lagging despite drop in dollar. Performance this week at a glance in chart & table -

Gold -

• Gold is consolidating ahead of NFP, looking for further guidance. Weaker dollar failed to provide the necessary boost. Today's range $1195-1186.
• Gold might reach $1252 area, if $1224 area gets broken and risks trading as low as $1152 if $1178 support gets broken.
• Gold is currently trading at $1189/troy ounce. Immediate support lies at $1178 and resistance at $1224, $1236-1240 area.

Silver -

• Silver broke into new low, likely to maintain consolidation ahead of NFP. Today's range $16.84-$16.46.
• Mint ratio is up by 0.8% today, currently at 71.6. Mint ratio and precious metal prices are inversely related more often than not.
• Silver is currently trading at $16.6/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.

Copper -

• Copper bounce got halted around $2.75 area. Further downside is likely, however selling the rallies are recommended.
• Bears are likely to retain control, unless $2.95 breaks.
• Copper is currently trading at $2.73/pound, immediate support lies at $2.65 & resistance at $2.84, $2.89, $2.95.