EquityPandit’s Outlook for Gold for the week (February 13, 2017 – February 17, 2017) :
GOLD (29173) closed the week with a positive note gaining around 0.35%.
Support for the commodity Gold lies in the zone of around 28850 to 28900 from where the commodity broke out and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 28200 to 28300 where Fibonacci levels, short term moving averages and short term bottom is lying.
Minor resistance for the commodity lies in the zone of 29400 to 29450. Resistance for the commodity Gold 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.
Broad range for the commodity in the coming week can be seen between 28500 – 28600 on downside and 29600 – 29700 on upside.