EquityPandit’s Outlook for Gold for the week  (Feb 12, 2018 – Feb 16, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out of October-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 29805 and close the week around the levels of 30009.

Support for the commodity lies in the zone of 29700 to 29900 from where the commodity broke out of October-2017 & November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 29300 to 29400 where Fibonacci levels and short & medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 30200 to 30300. Resistance for the commodity lies in the zone of 30500 to 30600 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31200 to 31300 where trend-line joining earlier high is lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29600 on downside & 30500 – 30600 on upside.