EquityPandit’s Outlook for Gold for the week  (Jan 29, 2018 – Feb 02, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 29900 to 30000 where high for the month of October-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30200 to 30300 where Fibonacci levels and high for the month of September-2017 is lying. During the week the commodity manages to hit a high of 30464 and close the week around the levels of 30361.

Support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out of October-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 30500 to 30600 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31200 to 31300 where trend-line joining earlier high is lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29600 on downside & 31000 – 31100 on upside.