EquityPandit’s Outlook for Gold for the week  (Oct 16, 2017 – Oct 19, 2017) :

GOLD:

GOLD (29851) closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 29650 to 29750. 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 29900 and close the week around the levels of 29851.

Support for the commodity lies in the zone of 29450 to 29550 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.

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 29400 – 29500 on downside & 30400 – 30500 on upside.