EquityPandit’s Outlook for Gold for the week  (Nov 12, 2018 – Nov 16, 2018) :

GOLD:

GOLD closed the week on negative note losing around 2.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 31700 to 31800 where the commodity has formed a high in the month of May-2018 and June-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 31100 to 31200 from where the commodity broke out of September-2018 high and Fibonacci levels are lying. During the week the commodity manages to hit a low of 30942 and close the week around the levels of 31024.

Support for the commodity lies in the zone of 30900 to 31000 from where the commodity broke out of September-2018 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 30500 to 30600 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 31200 to 31300. Resistance for the commodity lies in the zone of 31500 to 31600 where Fibonacci levels are 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 broke down after consolidation.

Broad range for the commodity in the coming week can be seen between 30300 – 30500 on downside & 31500 – 31700 on upside.