EquityPandit’s Outlook for Gold for the week  (Oct 30, 2017 – Nov 03, 2017) :

GOLD:

GOLD closed the week on negative note losing around 0.80%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 29650 to 29750. Resistance for the commodity lies in the zone of 30200 to 30300 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30600 to 30700 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 29591 and close the week around the levels of 29318.

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.

Minor resistance for the commodity lies in the zone of 29400 to 29450. 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 a short term top.

Broad range for the commodity in the coming week can be seen between 28500 – 28600 on downside & 30000 – 30100 on upside.