EquityPandit’s Outlook for Gold for the week  (May 29, 2017 – June 02, 2017) :

GOLD:

GOLD (28888) closed the week on positive note gaining around 0.90%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 28926 and close the week around the levels of 28888.

Support for the commodity lies in the zone of 28600 to 28700. 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 29000 to 29100 where Fibonacci levels and 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29500 to 29600 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 28500 – 28600 on downside & 29100 – 29200 on upside.