EquityPandit’s Outlook for Gold for the week (March 13, 2017 – March 17, 2017) :

GOLD:

GOLD (28366) closed the week with a negative note losing around 2.20%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 29189 and sold off to close the week around the levels of 28366.

Support for the commodity lies in the zone of 28100 to 28200 where Fibonacci level and short term bottom is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27500 to 27600.

Minor resistance for the commodity lies in the zone of 28400 to 28500. Resistance for the commodity lies in the zone of 28650 to 28750 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 28850 to 29000 where Fibonacci levels and lows for the month of February-2017 are lying.

Broad range for the commodity in the coming week can be seen between 27500 – 27600 on downside & 28900 – 29000 on upside.