EquityPandit’s Outlook for Gold for the week (February 27, 2017 – March 03, 2017) :

GOLD:

GOLD (29623) closed the week with a positive note gaining around 0.90%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 29400 to 29450. Resistance for the commodity Gold lies in the zone of 29650 to 29750 where Fibonacci levels and 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30500 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 29640 and close the week around the levels of 29623.

Minor support for the commodity lies in the zone of 29400 to 29450. Support for the commodity lies in the zone of 29300 to 29350 from where the commodity broke out on intraday basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 29000 to 29100 where Fibonacci level is lying.

Resistance for the commodity lies in the zone of 29650 to 29750 where Fibonacci levels and 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 29100 – 29200 on downside and 29900 – 30000 on upside.