Commodities snapshot (precious & industrial)

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

Gold:

• Gold continues to tumble, heading for its third weekly decline. Today’s range $1248-1242
• We expect the gold price to reach $1390 per troy ounce. In the short-term price is likely to decline to $1225 area.
• Gold is currently trading at $1246/troy ounce. Immediate support lies at $1230, and resistance at $1275 area.

Silver:

• Silver is down in line with the gold this week. Today’s range $16.41-16.56
• Silver is currently trading at $16.47/troy ounce. Support lies at $16.2 & resistance at $17.1

Copper:

• Copper is up today but the worst performer of the week. Today’s range $2.53-2.57
• Copper is currently trading at $2.56/pound, immediate support lies at, $2.4 & resistance at  $2.7

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest