EquityPandit’s Outlook for Gold for the week  (Feb 4, 2019 – Feb 8, 2019) :

GOLD:

GOLD closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 32500 to 32600 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 33000 to 33100. During the week the commodity manages to hit a high of 33464 and close the week around the levels of 33410.

Support for the commodity lies in the zone of 33000 to 33100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 32500 to 32600 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 33400 to 33500 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 33800 to 33900.

Broad range for the commodity in the coming week can be seen between 32800 – 33000 on downside & 33800 – 34000 on upside.