EquityPandit’s Outlook for Gold for the week  (July 16, 2018 – July 20, 2018) :

GOLD:

GOLD closed the week on negative note losing around 1.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 30014 and close the week around the levels of 30105.

Support for the commodity lies in the zone of 29900 to 30000 where the commodity has taken multiple support in the month of Februay-2018 & March-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 29600 to 29700 from where the commodity broke out in the month of November-2017.

Resistance for the commodity lies in the zone of 30400 to 30500 from where the commodity broke down from double bottom pattern and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 30900 to 31000 from where the commodity broke down and short & medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 29500 – 29600 on downside & 30500 – 30600 on upside.