EquityPandit’s Outlook for Gold for the week (February 20, 2017 – February 24, 2017) :

GOLD:

GOLD (29360) closed the week with a positive note gaining around 0.65%.

As we have mentioned last week that support for the commodity Gold lies in the zone of around 28850 to 28900 from where the commodity broke out and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28200 to 28300 where Fibonacci levels, short term moving averages and short term bottom is lying. During the week the commodity manages to hit a low of 28872 and close the week around the levels of 29360.

Minor support for the commodity lies in the zone of 29120 to 29170. Support for the commodity Gold lies in the zone of around 28850 to 28900 from where the commodity broke out, Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28200 to 28300 where Fibonacci levels, short term moving averages and short term bottom is lying.

Minor resistance for the commodity lies in the zone of 29400 to 29450. Resistance for the commodity Gold lies in the zone of 29650 to 26750 where Fibonacci levels and 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 28800 – 28900 on downside and 29700 – 29800 on upside.