EquityPandit’s Outlook for Gold for the week  (April 03, 2017 – April 07, 2017) :

GOLD:

GOLD (28463) closed the week on a negative note losing around 1.15%.

As we have mentioned last week that minor support for the commodity lies in the zone of 28600 to 28650. Support for the commodity lies in the zone of 28400 to 28500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 28100 to 28200 where Fibonacci level and short term bottom is lying. During the week the commodity manages to hit a low of 28420 and close the week around the levels of 28463.

Support for the commodity lies in the zone of 28400 to 28500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 28100 to 28200 where Fibonacci level and short term bottom is lying.

Minor resistance for the commodity lies in the zone of 28550 to 28625. Resistance for the commodity lies in the zone of 28900 to 29000 where Fibonacci levels and lows for the month of February-2017 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29300 to 29400 from where the commodity sold off in the month of March-2017.

Broad range for the commodity in the coming week can be seen between 28000 – 28100 on downside & 28900 – 29000 on upside.