EquityPandit’s Outlook for Gold for the week  (Dec 18, 2017 – Dec 22, 2017) :

GOLD:

GOLD closed the week on negative note losing around 1.00%.

As we have mentioned last week, that support for the commodity lies in the zone of 28500 to 28600 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28000 to 28100 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 28055 and close the week around the levels of 28254.

Support for the commodity lies in the zone of 28000 to 28100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27500 to 27600 where the commodity has bounced in the month of July-2017.

Minor resistance for the commodity lies in the zone of 28500 to 28600. Resistance for the commodity lies in the zone of 28900 to 29000 where Fibonacci level and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29300 to 29350 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 27500 – 27600 on downside & 28600 – 28700 on upside.