EquityPandit’s Outlook for Gold for the week  (Mar 05, 2019 – Mar 08, 2019) :

GOLD:

GOLD closed the week on negative note losing around 2.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 33000 to 33100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 32500 to 32600 where long term Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a low of 32600 and close the week around the levels of 32657.

Support for the commodity lies in the zone of 32500 to 32600 where long term Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 32200 to 32300 from where the commodity broke out October-2018 & December-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 33000 to 33200 from where the commodity has broken down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 33600 to 33800 where Gap for the commodity is lying.

Broad range for the commodity in the coming week can be seen between 32000 – 32200 on downside & 33200 – 33500 on upside.