EquityPandit’s Outlook for Gold for the week  (July 30, 2018 – Aug 03, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 29800 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 29500 to 29600 from where the commodity broke out in the month of November-2017. During the week the commodity manages to hit a low of 29652 and close the week around the levels of 29780.

Support for the commodity lies in the zone of 29500 to 29600 from where the commodity broke out in the month of November-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 29000 to 29100 where Fibonacci levels are lying.

Minor resistance for the commodity lies around 29900 to 30000. 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 29200 – 29300 on downside & 30200 – 30300 on upside.