EquityPandit’s Outlook for Gold for the week  (Aug 06, 2018 – Aug 10, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.00%.

As we have mentioned last week, that minor resistance for the commodity lies around 29900 to 30000. Resistance for the commodity lies in the zone of 30400 to 30500 from where the commodity broke down from double bottom pattern 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 from where the commodity broke down and short & medium term moving averages are lying. During the week the commodity manages to hit a high of 29956 and close the week around the levels of 29671.

Support for the commodity lies in the zone of 29500 to 29600 from where the commodity broke out in the month of November-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 29000 to 29100 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 29900 to 30000 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 30400 to 30500 from where the commodity broke down from double bottom pattern and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 29200 – 29300 on downside & 30000 – 30100 on upside.