EquityPandit’s Outlook for Gold for the week  (Dec 17, 2018 – Dec 21, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 32118 and close the week around the levels of 31535.

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 30900 – 31000 on downside & 32100 – 32200 on upside.