EquityPandit’s Outlook for Gold for the week  (Apr 16, 2018 – Apr 20, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that 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 31562 and close the week around the levels of 31118.

Minor support for the commodity lies in the zone of 30600 to 30700. Support for the commodity lies in the zone of 30300 to 30400 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 29600 to 29700 where Fibonacci levels and medium term moving averages are lying.

The commodity has closed around the resistance 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 30500 – 30600 on downside & 31500 – 31600 on upside.