EquityPandit’s Outlook for Gold for the week  (Dec 26, 2017 – Dec 29, 2017) :

GOLD:

GOLD closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 28666 and close the week around the levels of 28653.

Minor support for the commodity lies in the zone of 28400 to 28500. 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.

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 medium term moving averages are lying.

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