EquityPandit’s Outlook for Gold for the week  (Aug 27, 2018 – Aug 31, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 29967 and close the week around the levels of 29900.

Support for the commodity lies in the zone of 29500 to 29600 where break out levels are lying. 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 and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30300 to 30400 from where the commodity has broken down from June-2018 low and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29600 on downside & 30400 – 30500 on upside.