Xau usd weekly-1185$ tgt achieved next is 1219$
Xau usd or gold spot this week closed at 1173$ with gain. This was second weekly gains for gold prices after hitting bottom at 1120$ in month of December. For month of January 2017, gold outlook was bullish and targets were 1185$ which gold hit in last week and now watch for next target of 1220$ on breakout above 1185$. From long term view, gold is bearish but look like bottomed out for targets 1225 to 1350$.
Xag usd weekly-remain buy above 16.2$ tgts 16.88$-17.84$
Xag usd or silver spot this week closed at 16.49 with gain. This was second positive week for silver spot after making bottom around 15.65$. Xag usd is in uptrend ad remain buy on dips above 16.2$ support level for month of January 2017. Xag usd short term targets are 16.88$ and then 17.84$ for this series. Traders must use negative days to enter log with stop loss and expect upside swing targets in 1 to 3 weeks period. From long term view, xag usd trend and momentum both are down but if it holds bottom of 15.65$ on monthly closing basis then expect strong reversal rally for targets 17.8$ to 19$ levels.
Copper weekly-watch for breakout above 2.55$
Comex copper this week closed at 2.54$ with gain. That was second positive week for copper prices. Copper prices are in downtrend and trying to recover from lows. On upside 2.55$ is major hurdle on daily closing basis and if we saw breakout above 2.55$ then that will be trend breakout for bullish targets of 2.66$ and then 2.81$. On downside bottom of 2.44$ will act as major support and remain very important for short terms. From long term view, copper entered long term bullish trend and expect targets of 2.85 and then 3.23$ in 2017.