EquityPandit’s Outlook for Gold for the week  (Mar 05, 2018 – Mar 09, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 30300 to 30400 from where the commodity broke out of September-2017 highs and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29900 to 30000 from where the commodity broke out of November-2017 highs and short term bottom is lying. During the week the commodity manages to hit a low of 30119 and close the week around the levels of 30448.

Minor support for the commodity lies in the zone of 30200 to 30300. Support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out of November-2017 highs and lows for the month of February-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 30500 to 30600. Resistance for the commodity lies in the zone of 30900 to 31000 where trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31400 to 31500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 30000 – 30100 on downside & 31000 – 31100 on upside.