Commodities snapshot (precious & industrial)
Source: FxWire Pro - Commentary / 23 Oct 2018 10:21:51 America/New_York
The metal pack is down today. The performance this week at a glance in the chart & table -
- Gold is heading higher despite stronger dollar amid risk aversion. Today’s range $1221-1240
- Gold is currently trading at $1237/troy ounce. Immediate support lies at $1195, and resistance at $1250 area.
- Further decline likely as the silver breaks key support around $14.2 area. However, a temporary correction on a weaker USD is currently taking place. The correction might increase to $15.5 per troy ounce. Today’s range $14.50-14.83
- Silver is currently trading at $14.76/troy ounce. Support lies at $14.4 & resistance at $16
- Copper remains under pressure as the U.S. China trade negotiations failed so far. But sharply higher since last month, despite the U.S. announcing tariffs on $200 billion worth of goods. Today’s range $2.74-2.79
- Copper is currently trading at $2.75/pound, immediate support lies at, $2.7 & resistance at $2.95
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