EquityPandit’s Outlook for Gold for the week  (July 10, 2017 – July 14, 2017) :

GOLD:

GOLD (27784) closed the week on negative note losing around 2.30%.

As we have mentioned last week that 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 27724 and close the week around the levels of 27784.

The commodity has broken down from the long term trend-line support. Support for the commodity lies in the zone of 27500 to 27600 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 26800 to 26900 where the commodity has formed a bottom in the month of December-2016.

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

Broad range for the commodity in the coming week can be seen between 26800 – 27000 on downside & 28300 – 28400 on upside.