EquityPandit’s Outlook for Gold for the week  (May 14, 2018 – May 18, 2018) :

GOLD:

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

As we have mentioned last week, that support for the commodity lies in the zone of 31000 to 31100 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30300 to 30400 from where the commodity broke out of September-2017 high. During the week the commodity manages to hit a low of 31078 and close the week around the levels of 31518.

Minor support for the commodity lies in the zone of 31300 to 31350. Support for the commodity lies in the zone of 31000 to 31100 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30300 to 30400 from where the commodity broke out of September-2017 high.

Resistance for the commodity lies in the zone of 31500 to 31600 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 31000 – 31100 on downside & 32000 – 32100 on upside.