EquityPandit’s Outlook for Gold for the week  (Dec 24, 2018 – Dec 28, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 31002 and close the week around the levels of 31190.

Support for the commodity lies in the zone of 31000 to 31100 where Fibonacci levels and medium & long 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 are lying.

Resistance for the commodity lies in the zone of 31500 to 31600 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 32000 to 32100 from where the commodity has broken down after consolidation and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 30600 – 30700 on downside & 31700 – 31800 on upside.