EquityPandit’s Outlook for Gold for the week  (July 17, 2017 – July 21, 2017) :

GOLD:

GOLD (27996) closed the week on positive note gaining around 0.80%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 27603 and close the week around the levels of 27996.

The commodity has broken down from the long term trend-line support. Minor support for the commodity lies in the zone of 27800 to 27850. 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 27500 – 27600 on downside & 28300 – 28400 on upside.