EquityPandit’s Outlook for Gold for the week  (Nov 26, 2018 – Nov 30, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 30900 to 31000 from where the commodity broke out of September-2018 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30500 to 30600 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 30412 and close the week around the levels of 30519.

Support for the commodity lies in the zone of 30500 to 30600 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30000 to 30100 where low for the month of September-2018 is lying.

Resistance for the commodity lies in the zone of 30900 to 31000 where Fibonacci levels and 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 31500 to 31600 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 29800 – 30000 on downside & 31000 – 31200 on upside.