EquityPandit’s Outlook for Gold for the week  (Aug 21, 2017 – Aug 25, 2017) :

GOLD:

GOLD (29163) closed the week on negative note losing around 0.10%.

As we have mentioned last week, that support for the commodity lies in the zone of 28900 to 29000 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where medium and long term moving averages are lying. During the week the commodity manages to hit a low of 28800 and close the week around the levels of 29163.

Support for the commodity lies in the zone of 28900 to 29000 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where medium and long term moving averages are lying.

Resistance for the commodity lies in the zone of 29550 to 29650 where the commodity has formed a double top pattern and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can witness a major break-out and the commodity can move to the levels of 30200 to 30300 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 28500 – 28600 on downside & 29600 – 29700 on upside.