EquityPandit’s Outlook for Gold for the week  (Feb 19, 2018 – Feb 23, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 30200 to 30300. 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. During the week the commodity manages to hit a high of 30839 and close the week around the levels of 30816.

Support for the commodity lies in the zone of 30500 to 30600 from where the commodity broke out of September-2017 highs and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29900 to 30000 from where the commodity broke out of November-2017 highs and short term bottom is lying.

Resistance for the commodity lies in the zone of 30900 to 31000 where trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31400 to 31500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 30000 – 30100 on downside & 31500 – 31600 on upside.