EquityPandit’s Outlook for Gold for the week  (July 24, 2017 – July 28, 2017) :

GOLD:

GOLD (28541) closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 28559 and close the week around the levels of 28541.

Minor support for the commodity lies in the zone of 28350 to 28400. Support for the commodity lies in the zone of 28100 to 28200 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27800 to 27900 where break out levels are lying.

Resistance for the commodity lies in the zone of 28600 to 28700 where medium 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 28900 to 29000 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 28000 – 28100 on downside & 29000 – 29100 on upside.