EquityPandit’s Outlook for Gold for the week  (May 08, 2017 – May 12, 2017) :

GOLD:

GOLD (28072) closed the week on negative note losing around 2.80%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 28020 and close the week around the levels of 28072.

Support for the commodity lies in the zone of 27900 to 28000 where the commodity has formed a bottom in the month of March-2017. If the commodity manages to close below these levels then the commodity can witness a freefall and commodity can drift to the levels of 26800 to 26900 where the commodity has formed a bottom in the month of December-2016.

Resistance for the commodity lies in the zone of 28200 to 28300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 28500 to 28600 where 200 Daily moving average is lying.

Broad range for the commodity in the coming week can be seen between 27100 – 27200 on downside & 29000 – 29100 on upside.