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

GOLD:

GOLD closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where break out levels are lying. During the week the commodity manages to hit a low of 29109 and close the week around the levels of 29491.

Minor support for the commodity lies in the zone of 29300 to 29350. Support for the commodity lies in the zone of 29000 to 29100 where Fibonacci level and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28500 to 28600 where break out levels are lying.

Resistance for the commodity lies in the zone of 29550 to 29650 where Fibonacci level and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30000 to 30100 where the commodity has formed in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 29000 – 29100 on downside & 30000 – 30100 on upside.