EquityPandit’s Outlook for Gold for the week  ( Jan 01, 2018 – Jan 05, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 29175 and close the week around the levels of 29156.

Support 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 below these levels then the commodity can drift to the levels of 28000 to 28100 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 29300 to 29350 where medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29600 to 29700 Fibonacci levels and highs for the month of November-2017 is lying.

Broad range for the commodity in the coming week can be seen between 28600 – 28700 on downside & 29700 – 29800 on upside.