Metals are under slide ahead of FOMC. Performance this week at a glance in chart & table - Gold - Gold is trading with downside bias ahead of FOMC. Today's range - $1182 - $1174 Gold might reach $1152 area, since $1178 s…
Metals are under slide ahead of FOMC. Performance this week at a glance in chart & table -
Gold -
Gold is trading with downside bias ahead of FOMC. Today's range - $1182 - $1174
Gold might reach $1152 area, since $1178 support got broken. Stop is around $1200.
Gold is currently trading at $1175/troy ounce. Immediate support lies at $1152 and resistance at $1224, $1236-1240 area.
Silver -
Silver is hovering around $16 as FOMC approaches.
Mint ratio is up by 0.2% today, currently at 73.8. Mint ratio and precious metal prices are inversely related more often than not.
FED is make or break event for silver as it tests key support.
Silver is currently trading at $16/troy ounce. Support lies at $16, $15.42 & resistance at $17.5-17.7, 18.4-18.7.
Copper -
As expected, copper is moving down, traded as low as $2.60/pound.
Next target is around $2.52/pound since support at $2.65 got broken. However since target stands close, partial profit booking can be done prior to FOMC.
Copper is currently trading at $2.61/pound, immediate support lies at $2.5 & resistance at $2.75, $2.84, $2.89, $2.95.
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