EquityPandit’s Outlook for Gold for the week  (Apr 09, 2018 – Apr 13, 2018) :

GOLD:

GOLD 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 30600 to 30700. 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. During the week the commodity manages to hit a high of 30970 and close the week around the levels of 30694.

Support for the commodity lies in the zone of 30200 to 30300 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where Fibonacci levels and medium term moving averages are 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 30200 – 30300 on downside & 31000 – 31100 on upside.