EquityPandit’s Outlook for Gold for the week  (June 19, 2017 – June 23, 2017) :

GOLD:

GOLD (28690) closed the week on negative note losing around 1.10%.

As we have mentioned last week that resistance for the commodity lies in the zone of 29000 to 29100 where Fibonacci levels and 200 daily moving averages are 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. During the week the commodity manages to hit a high of 29087 and close the week around the levels of 28690.

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 28800 to 28850. Resistance for the commodity lies in the zone of 29000 to 29100 where Fibonacci levels and 200 daily moving averages are 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 28200 – 28300 on downside & 29100 – 29200 on upside.