Gold and Silver prices are Likely To Trade Positive cude oil remain volatile

Oil prices dipped on Wednesday after gaining more than a percent in the previous session Benchmark Brent crude futures were down 23 cents at $62.30 a barrel by 0226 GMT, while U.S. WTI crude were 29 cents lower at $53.24 a barre.

Crude oil Feb support level 3180 /3220 with resistance 3280/3320

Gold was trading near its lowest in six weeks on Wednesday as global equities recovered on signs Greek banks will continue to receive emergency funding despite a breakdown in debt talks between Athens and its creditors.

Spot gold was steady at USD 1,208.45 an ounce by 0038 GMT. It fell to USD 1,203.30 on Tuesday, its lowest since Jan. 6, before closing down 1.8 percent, as global equity markets recovered to trade slightly higher. Technical selling also added to the losses

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery shed $5.70, or 0.46%, to trade at $1,221.40 a troy ounce during European morning hours.

Futures were likely to find support at $1,216.50, the low from February 11, and resistance at $1,236.70, the high from February 16

On Monday, gold picked up 60 cents, or 0.05%, to settle at $1,227.70 as a broadly weaker U.S. dollar and ongoing uncertainty over developments in Greece boosted the appeal of the precious metal 

Elsewhere on the Comex, silver futures for March delivery dropped 47.2 cents, or 2.73%, to trade at $16.82 a troy ounce

Meanwhile, copper for March delivery eased down 1.4 cents, or 0.55%, to trade at $2.591 a pound

Trading volume in the copper market was expected to drop in the coming days as investors in China are off from February 18 through 24 for the Lunar New Year holiday

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year