EquityPandit’s Outlook for Gold for the week  (Dec 04, 2017 – Dec 08, 2017) :

GOLD:

GOLD closed the week on negative note losing around 0.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where break out levels are lying. During the week the commodity manages to hit a low of 28950 and close the week around the levels of 29209.

Support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where break out levels are lying.

Minor resistance for the commodity lies in the zone of 29300 to 29400. Resistance for the commodity lies in the zone of 29600 to 29650 where Fibonacci level and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30000 to 30100 where the commodity has formed in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 28500 – 28600 on downside & 29600 – 29700 on upside.