EquityPandit’s Outlook for Gold for the week  (Sep 18, 2017 – Sep 22, 2017) :

GOLD:

GOLD (29856) closed the week on negative note losing around 1.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 29550 to 29650 where the commodity has formed a double top pattern and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can witness a major break-out and the commodity can move to the levels of 30200 to 30300 where Fibonacci level is lying. During the week the commodity manages to hit a high of 30200 and close the week around the levels of 29856.

Support for the commodity lies in the zone of 29550 to 29650 where the commodity has formed a double top pattern and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28900 to 29000 where Fibonacci level is lying.

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.

Broad range for the commodity in the coming week can be seen between 29500 – 29600 on downside & 30300 – 30400 on upside.