EquityPandit’s Outlook for Gold for the week  (April 17, 2017 – April 21, 2017) :

GOLD:

GOLD (29409) closed the week on positive note gaining around 2.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 29433 and close the week around the levels of 29409.

Support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28400 to 28500 from where the commodity broke out.

Resistance for the commodity lies in the zone of 29400 to 29500 from where the commodity sold off in the month of March-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 29650 to 29750 where Fibonacci level and highs for the month of February-2017 are lying.

Broad range for the commodity in the coming week can be seen between 29000 – 29100 on downside & 29800 – 29900 on upside.