EquityPandit’s Outlook for Gold for the week  (Oct 01, 2018 – Oct 05, 2018) :

GOLD:

GOLD closed the week on negative note losing around 0.30%.

As we have mentioned last week, that minor support for the commodity lies around 30200 to 30300. Support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where break out levels and trend-line support for the commodity is lying. During the week the commodity manages to hit a low of 30220 and close the week around the levels of 30481.

Minor support for the commodity lies around 30200 to 30300. Support for the commodity lies in the zone of 29900 to 30000 from where the commodity broke out after consolidation and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 29500 to 29600 where break out levels and trend-line support for the commodity is lying.

Resistance for the commodity lies in the zone of 30500 to 30600 from where the commodity has broken down from 3 months of consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 30700 to 30800 from where the commodity has broken down in the month of July-2018.

Broad range for the commodity in the coming week can be seen between 30100 – 30200 on downside & 30800 – 30900 on upside.