EquityPandit’s Outlook for Gold for the week  (Jan 22, 2018 – Jan 25, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that support for the commodity lies in the zone of 29300 to 29350 where medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28900 to 29000 where Fibonacci level and long term moving averages are lying. During the week the commodity manages to hit a low of 29550 and close the week around the levels of 29755.

Minor support for the commodity lies in the zone of 29500 to 29550. Support for the commodity lies in the zone of 29300 to 29350 where medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28900 to 29000 where Fibonacci level and long term moving averages are lying.

Resistance for the commodity lies in the zone of 29900 to 30000 where high for the month of October-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30200 to 30300 where Fibonacci levels and high for the month of September-2017 is lying.

Broad range for the commodity in the coming week can be seen between 29200 – 29300 on downside & 30200 – 30300 on upside.