Commodities snapshot (precious & industrial)

The metal pack is mixed today. Performance this week at a glance in chart & table -

Gold:

• Gold is marginally weaker today despite the weakness in the dollar as risk aversion subsides. Today’s range $1264-1258
• We expect the gold price to reach $1390 per troy ounce.
• Gold is currently trading at $1262/troy ounce. Immediate support lies at $1230, and resistance at $1290 area.

Silver:

• Silver is the best performer of the week. Today’s range $17.03-17.34
• Silver is currently trading at $17.27/troy ounce. Support lies at $16 & resistance at $17

Copper:

• Active call - Copper is likely to rise towards $3.2 per pound. Copper is the weakest performer of the week so far. Today’s range $2.57-2.60
• Copper is currently trading at $2.59/pound, immediate support lies at, $2.4 & resistance at  $2.7