EquityPandit’s Outlook for Gold for the week (March 06, 2017 – March 10, 2017) :

GOLD:

GOLD (29020) closed the week with a negative note losing around 2.00%.

As we have mentioned last week that resistance for the commodity lies in the zone of 29650 to 29750 where Fibonacci levels and 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30500 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 29785 and close the week around the levels of 29020.

Support for the commodity lies in the zone of 28800 to 29000 where Fibonacci level and low for the month of February-2017 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28400 to 28500.

Minor resistance for the commodity lies in the zone of 29250 to 29350. Resistance for the commodity lies in the zone of 29650 to 26750 where Fibonacci levels and 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 28400 – 28500 on downside & 29500 – 29600 on upside.