Commodities snapshot (precious & industrial)

Metals are trading on positive note ahead of FOMC today. Performance this week at a glance in chart & table -

Gold -

• Gold is hovering close to $1100 mark and focus remains on FOMC for further guidance. Today's range - $1100-$1090.
• Gold is likely to trade with downside bias, however a sustained push below $1050 is unlikely
• Gold is currently trading at $1094/troy ounce. Immediate support lies at $1060 and resistance at $1120 area.

Silver -

• Silver is trading in small range ahead of FOMC, however remains better performer than gold. Today's range $14.92-14.6
• Silver was sharply rejected around $15 area.
• Silver is currently trading at $14.75/troy ounce. Support lies at $14 & resistance at $16. $15 is likely to pose interim resistance, whereas $14.5 remains interim support.

Copper -

• Copper gained ground today, as Chinese market stabilized over government intervention. Today's range $2.45-2.39.
• Next target is around $2.24, however correction might be larger.
• Copper is currently trading at $2.41/pound, immediate support lies at, $2.2 & resistance at $2.65.