EquityPandit’s Outlook for Gold for the week  (May 22, 2017 – May 26, 2017) :

GOLD:

GOLD (28635) closed the week on positive note gaining around 2.20%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 27982 and close the week around the levels of 28635.

Support for the commodity lies in the zone of 28200 to 28300 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27900 to 28000 where the commodity has formed a bottom in the month of March-2017.

Resistance for the commodity lies in the zone of 28700 to 28800 where 200 daily moving average is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29000 to 29100 where Fibonacci levels and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 28100 – 28200 on downside & 29000 – 29100 on upside.