Xau/usd gold spot 2017 forecast-remain buy above 1195 tgt 1330-1510$
Gold spot or xau/usd is trading at 1205$ with gains for today. This month is the best so far for gold prices and they are continue to gain. We saw strong buying spree from lows of 1145 and now trading above 1200$ mark. In 2016, gold recovered and then corrected on profit booking but net change was gain in 2016. This long term rally will continue in 2017, and gold prices might show upside up to 1330$ and then 1510$ if they sustain above 1195$ mark. Below 1195, next major long term support will be around 1020$.
Xag/usd silver spot 2017 forecast-breakout above 16.95$ means tgts of 20.1$-24.3$
Silver spot or xag/usd pair is trading at 16.79$ with gains in month of January. In 2016, silver is recovered from bottom of 13.74 to up to highs of 21.16$ and then corrected on profit booking. For 2017, silver spot outlook is bullish and prices are near long term bullish breakout. 16.95$ is major critical resistance for silver prices and above it trend will change to bullish side. On upside 20.1$ and then 24.3$ are 2017 target zones if breakout happens. On downside 12.8$ is major support zone as well as target zone if breakout fails.
Comex copper 2017 forecast-remain buy for targets 2.86-3.21$
Comex copper is trading at 2.66$ with strong gains in January series. Copper prices after long consolidating in 2016, given strong breakout above range at end of 2016 and closed with strong gain. Follow up buying seen in January which taking copper prices to record highs. Technically, comex copper for 2017 will remain buy and bullish above 2.4$ support level. On upside 2.86 and then 3.21$ are resistances as well as target zones for 2017. Below 2.4$, copper next long term support will be at 2.05$.