EquityPandit’s Outlook for Gold for the week  (Oct 03, 2017 – Oct 06, 2017) :

GOLD:

GOLD (29557) closed the week on negative note losing around 0.10%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 29750 to 29850. Resistance for the commodity lies in the zone of 30200 to 30300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30600 to 30700 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 30169 and close the week around the levels of 29557.

Support for the commodity lies in the zone of 29550 to 29650 where the commodity has formed a double top pattern and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28900 to 29000 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 29750 to 29850. Resistance for the commodity lies in the zone of 30200 to 30300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30600 to 30700 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 29000 – 29100 on downside & 30000 – 30100 on upside.