EquityPandit’s Outlook for Gold for the week  (April 10, 2017 – April 14, 2017) :

GOLD:

GOLD (28684) closed the week on positive note gaining around 0.80%.

As we have mentioned last week that 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 28404 and close the week around the levels of 28684.

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.

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 28200 – 28300 on downside & 29000 – 29100 on upside.