EquityPandit’s Outlook for Gold for the week (March 20, 2017 – March 24, 2017) :

GOLD:

GOLD (28509) closed the week on a positive note gaining around 0.50%.

As we have mentioned last week that support for the commodity lies in the zone of 28100 to 28200 where Fibonacci level and short term bottom is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27500 to 27600. During the week the commodity manages to hit a low of 27907 and close the week around the levels of 28509.

Minor support for the commodity lies in the zone of 28300 to 28400. Support for the commodity lies in the zone of 28100 to 28200 where Fibonacci level and short term bottom is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 27500 to 27600.

Resistance for the commodity lies in the zone of 28650 to 28750 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 28850 to 29000 where Fibonacci levels and lows for the month of February-2017 are lying.

Broad range for the commodity in the coming week can be seen between 28000 – 28100 on downside & 28900 – 29000 on upside.