EquityPandit’s Outlook for Gold for the week  (Dec 03, 2018 – Dec 07, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 30107 and close the week around the levels of 30240.

Support for the commodity lies in the zone of 29900 to 30100 where low for the month of September-2018 and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29100 to 29300 where low for the month of August-2018 and Fibonacci levels are lying.

Resistance 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 above these levels then the commodity can move to the levels of 30900 to 31000 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29700 on downside & 30700 – 30800 on upside.