EquityPandit’s Outlook for Gold for the week  (May 21, 2018 – May 25, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 31500 to 31600 where Fibonacci levels and trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31900 to 32000 from where the commodity sold off in the month of August-2016. During the week the commodity manages to hit a high of 31579 and close the week around the levels of 31102.

Support for the commodity lies in the zone of 31000 to 31100 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30300 to 30400 from where the commodity broke out of September-2017 high.

Minor resistance for the commodity lies in the zone of 31200 to 31300. Resistance for the commodity lies in the zone of 31500 to 31600 where Fibonacci levels and trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31900 to 32000 from where the commodity sold off in the month of August-2016.

Broad range for the commodity in the coming week can be seen between 30500 – 30600 on downside & 31500 – 31600 on upside.