EquityPandit’s Outlook for Gold for the week  (July 09, 2018 – July 13, 2018) :

GOLD:

GOLD closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 30700 to 30800. Resistance for the commodity lies in the zone of 31400 to 31500 where Fibonacci levels and trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31900 to 32000 from where the commodity sold off in the month of August-2016. During the week the commodity manages to hit a high of 30737 and close the week around the levels of 30566.

Support for the commodity lies in the zone of 30400 to 30500 from where the commodity broke out of September-2017 high and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29900 to 30000 where the commodity has taken multiple support in the month of Februay-2018 & March-2018.

Minor resistance for the commodity lies in the zone of 30700 to 30800. Resistance for the commodity lies in the zone of 31400 to 31500 where Fibonacci levels and trend-line joining earlier high is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 31900 to 32000 from where the commodity sold off in the month of August-2016.

Broad range for the commodity in the coming week can be seen between 30000 – 30100 on downside & 31000 – 31100 on upside.