EquityPandit’s Outlook for Gold for the week  (June 04, 2018 – June 08, 2018) :

GOLD:

GOLD closed the week on negative note losing around 2.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 31325 and close the week around the levels of 30546.

Support for the commodity lies in the zone of 30400 to 30500 from where the commodity broke out of September-2017 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 29900 to 30000 where the commodity has taken multiple support in the month of Februay-2018 & March-2018 and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 30800 to 30900. 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 29900 – 30000 on downside & 31000 – 31100 on upside.