EquityPandit’s Outlook for Gold for the week (March 27, 2017 – March 31, 2017) :

GOLD:

GOLD (28793) closed the week on a positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 28948 and close the week around the levels of 28793.

Minor support for the commodity lies in the zone of 28600 to 28650. Support for the commodity lies in the zone of 28400 to 28500 from where the commodity broke out. If the commodity manages to close below these levels then the commodity can drift to the levels of 28100 to 28200 where Fibonacci level and short term bottom is lying.

Resistance for the commodity lies in the zone of 28900 to 29000 where Fibonacci levels and lows for the month of February-2017 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 29300 to 29400 from where the commodity sold off in the month of March-2017.

Broad range for the commodity in the coming week can be seen between 28400 – 28500 on downside & 29200 – 29300 on upside.