EquityPandit’s Outlook for Gold for the week  (May 01, 2017 – May 05, 2017) :

GOLD:

GOLD (28873) closed the week on negative note losing around 1.80%.

As we have mentioned last week that minor support for the commodity lies in the zone of 29200 to 29250. Support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28400 to 28500 from where the commodity broke out. During the week the commodity manages to hit a low of 28660 and close the week around the levels of 28873.

Support for the commodity lies in the zone of 28400 to 28500 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 28100 to 28200 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 29000 to 29100 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29400 to 29500 from where the commodity sold off in the month of March-2017 and 200 Daily moving average is lying.

Broad range for the commodity in the coming week can be seen between 28100 – 28200 on downside & 29400 – 29500 on upside.