EquityPandit’s Outlook for Gold for the week  (Dec 31, 2018 – Jan 04, 2019) :

GOLD:

GOLD closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 31768 and close the week around the levels of 31598.

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 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 31900 to 32000 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 the 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 & 32000 – 32100 on upside.