EquityPandit’s Outlook for Gold for the week  (Jan 21, 2019 – Jan 25, 2019) :

GOLD:

GOLD closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 32390 and close the week around the levels of 32096.

Minor support for the commodity lies in the zone of 31700 to 31800. Support for the commodity lies in the zone of 31500 to 31600 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 31200 to 31300 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 32200 to 32300 where high for the month of October-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 32500 to 32600 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 31500 – 31600 on downside & 32400 – 32500 on upside.