EquityPandit’s Outlook for Gold for the week  (July 03, 2017 – July 07, 2017) :

GOLD:

GOLD (28439) closed the week on negative note losing around 1.00%.

As we have mentioned last week that minor support for the commodity lies in the zone of 28500 to 28550. Support for the commodity lies in the zone of 28200 to 28300 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27900 to 28000 where the commodity has formed a bottom in the month of March-2017. During the week the commodity manages to hit a low of 28350 and close the week around the levels of 28439.

Support for the commodity lies in the zone of 28200 to 28300 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27900 to 28000 where the commodity has formed a bottom in the month of March-2017.

Minor resistance for the commodity lies in the zone of 28650 to 28750. Resistance for the commodity lies in the zone of 29000 to 29100 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29550 to 29650 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 28000 – 28100 on downside & 28700 – 28800 on upside.