EquityPandit’s Outlook for Gold for the week  (Aug 20, 2018 – Aug 24, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 29893 and close the week around the levels of 29349.

Support for the commodity lies in the zone of 29000 to 29100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can witness a freefall and the commodity can drift to the levels of 28000 to 28200.

Resistance for the commodity lies in the zone of 29500 to 29600 from where the commodity has broken down from the July-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 29900 to 30000 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 28900 – 29000 on downside & 29600 – 29700 on upside.