EquityPandit’s Outlook for Gold for the week  (Dec 10, 2018 – Dec 14, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 4.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 32021 and close the week around the levels of 31595.

Minor support for the commodity lies in the zone of 31300 to 31400. Support for the commodity lies in the zone of 31000 to 31100 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30600 to 30700 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 31700 to 31800. Resistance for the commodity lies in the zone of 32000 to 32100 from where the commodity has broken down after consolidation and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 32400 to 32500 where commodity has formed a high in the month of October-2018.

Broad range for the commodity in the coming week can be seen between 30600 – 30800 on downside & 32500 – 32700 on upside.