EquityPandit’s Outlook for Gold for the week  (Aug 13, 2018 – Aug 17, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 29546 and close the week around the levels of 29783.

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.