Commodities snapshot (precious & industrial)

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

Gold:

• Gold price is under pressure and down for the week, despite a weaker dollar. Today’s range $1248-1239
• 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 $1242/troy ounce. Immediate support lies at $1230, and resistance at $1275 area.

Silver:

• Silver is up this week, contrasting with gold. Today’s range $16.73-16.49
• Silver is currently trading at $16.62/troy ounce. Support lies at $16.2 & resistance at $17.1

Copper:

• Copper is the best performer of the week. Today’s range $2.68-2.72
• Copper is currently trading at $2.7/pound, immediate support lies at, $2.4 & resistance at  $2.7

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